Question 3 When negative externalities like pollution exist, competition leads t

Question

Question 3 When negative externalities like pollution exist, competition leads to: a. too few goods being bought and sold. b. a socially efficient outcome. c. more production than would be efficient. d. a market equilibrium price that is too high. Question 4 An example of the command-and-control approach to environmental policy is: a. allowing coal producers to buy and sell permits to allow CFC emissions. b. none of the above. c. placing a tax on freon to reduce its use and the corresponding CFC emissions (which contribute to the ozone hole). d. allowing individuals to sue freon producers if CFC emissions exceed a government-set standard. Question 5 The ozone layer: a. is another term for the greenhouse effect. b. has been damaged as a result of the ban on CFCs. c. has been damaged as a result of the Montreal Protocol. d. protects us from ultraviolet rays which can cause cancer and blindness.

Explanation / Answer

Question 3 . d. market equilibrium price that is too high. Question 4 a. allowing coal producers to buy and sell permits to allow CFC emissions. Question 5 d. protects us from ultraviolet rays which can cause cancer and blindness.

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