An economist has estimated that the maintenance of a public park costs $25 000 a year and that the public park generates $30 000 a year in revenue for merchants near the park. From society's point of view, the maintenance of this park is:
Suppose a company moves its most polluting production to a factory in a developing country where it knows environmental regulation is less strict than in its home location. In the new location the firm's output is likely to:
Your next- door neighbour has a beautiful flower garden. However, you are allergic to flowers and cannot use your patio because of the flower pollen that drifts into it. In this case, the flower garden is an example of:
Correctly complete the sentences below from the options which follow.
a() Private efficiency in consumption is where:
b() Efficiency in production for the producer is where:
c() Social efficiency in the market is where: