11 May IN WHICH OF THE FOLLOWING SITUATIONS SHOULD A FIRM INCREASE ITS EFFORTS TO ABATE POLLUTION?
In which of the following situations should a firm increase its efforts to
abate pollution?
A)
The marginal benefit of abatement is less than its marginal cost.
B)
The marginal benefit of abatement is greater than its marginal cost.
C)
The marginal benefit of abatement is equal to its marginal cost.
D)
none of the above
9)
If the marginal benefit of reducing water pollution is constant at $10 per ton,
then it is efficient to reduce water pollution
A)
to zero.
B)
until marginal cost of reducing water pollution equals $10 per ton.
C)
as long as the marginal cost of reducing water pollution is greater than $10
per ton.
D)
to whatever level the market determines.
10)
If the marginal benefit from water pollution abatement increases, then it is
efficient to
A)
reduce water pollution to zero.
B)
allow more water pollution.
C)
let the market determine water pollution
D)
reduce water pollution further, but maybe not to zero.
11)
The Coase bargaining solution applies to a situation when there is a ________
number of affected parties, and the transactions costs of bargaining are
relatively ________.
A)
large; high
B)
large; low
C)
small; high
D)
small; low
12)
Under a Coase bargaining solution, deal making between the two parties
continues until the marginal ________ to the harmed party equals the marginal
________ to the other party.
A)
benefit; benefit
B)
benefit; cost
C)
cost; benefit
D)
cost; cost
Recall
the Application about determining the optimal level of methane abatement to
answer the following question(s).
13)
Recall the Application. Applying the marginal principle to methane reduction
suggests that efforts at reduction should
A)
target the sources of methane that are cheapest to abate, or recover, first.
B)
target the most costly to recover sources of methane first.
C)
continue until methane is reduced to zero metric tons because the harm from
methane is so high.
D)
not be undertaken because livestock is one of the major sources of methane, and
livestock is not an industrial source of pollution.
14)
Recall the Application. The EPA has estimated the cost of methane recovery at
different recovery levels. Given those costs, the optimal level of methane
recovery
A)
depends on the estimate of the marginal benefit of methane recovery.
B)
is zero because the costs exceed the benefits.
C)
will increase if scientists determine that methane is not as harmful as it is
currently thought to be.
D)
will include only recovery from landfills and coal mines, but not from natural
gas distribution.
8)
In which of the following situations should a firm increase its efforts to
abate pollution?A)
The marginal benefit of abatement is less than its marginal cost.B)
The marginal benefit of abatement is greater than its marginal cost.C)
The marginal benefit of abatement is equal to its marginal cost.D)
none of the above 9)
If the marginal benefit of reducing water pollution is constant at $10 per ton,
then it is efficient to reduce water pollution A)
to zero.B)
until marginal cost of reducing water pollution equals $10 per ton.C)
as long as the marginal cost of reducing water pollution is greater than $10
per ton.D)
to whatever level the market determines. 10)
If the marginal benefit from water pollution abatement increases, then it is
efficient toA)
reduce water pollution to zero.B)
allow more water pollution.C)
let the market determine water pollutionD)
reduce water pollution further, but maybe not to zero. 11)
The Coase bargaining solution applies to a situation when there is a ________
number of affected parties, and the transactions costs of bargaining are
relatively ________.A)
large; highB)
large; lowC)
small; highD)
small; low 12)
Under a Coase bargaining solution, deal making between the two parties
continues until the marginal ________ to the harmed party equals the marginal
________ to the other party. A)
benefit; benefitB)
benefit; costC)
cost; benefitD)
cost; cost Recall
the Application about determining the optimal level of methane abatement to
answer the following question(s).13)
Recall the Application. Applying the marginal principle to methane reduction
suggests that efforts at reduction should A)
target the sources of methane that are cheapest to abate, or recover, first. B)
target the most costly to recover sources of methane first. C)
continue until methane is reduced to zero metric tons because the harm from
methane is so high. D)
not be undertaken because livestock is one of the major sources of methane, and
livestock is not an industrial source of pollution. 14)
Recall the Application. The EPA has estimated the cost of methane recovery at
different recovery levels. Given those costs, the optimal level of methane
recovery A)
depends on the estimate of the marginal benefit of methane recovery.B)
is zero because the costs exceed the benefits.C)
will increase if scientists determine that methane is not as harmful as it is
currently thought to be. D)
will include only recovery from landfills and coal mines, but not from natural
gas distribution.
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