In a perfectly competitive market, the efficient quantity of a good will be produced when the good is: rival in consumption and nonexcludable. rival in consumption and excludable. nonrival in consumption and excludable. nonrival in consumption and nonexcludable.
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- Suppose a service is currently produced by perfectly competitive private firms. That good has the characteristics of a public good. It will be produced in quantities that are: a. too large for allocative efficiency.b. too small for allocative efficiency.c. exactly the amount that is allocatively efficient.d. in the right amounts, but of lower quality.For a competitive market in long-run equlibrium to be Pareto-efficient... Select one: a. Firms do not make profits of any kind b. Marginal private costs are below marginal social costs c. Marginal private costs are above marginal social costs d. Marginal external costs are zeroTypically this kind of economic activity results in environmental harm through production and consumption externalities. When a country such as Econ Land manages to break the link between economic activity and environmental harm, it is known as ["decoupling", "uncoupling"] . Whether Econ Land has truly broken this link or not depends on the amount of ["export pollution", "import pollution"] they are responsible for, pollution in other countries resulting from the production of products consumed in the country of Econ Land.
- Which of the following statements is false regarding a public good? Multiple Choice The marginal cost of a public good is zero. A scholarship is an example of a public good. A public good is non-rival. A public good is non-excludable.Given the following information: Initially, a perfectly competitive market for a product is in equilibrium, with an upward-sloping straight-line market supply curve, a downward-sloping straight-line market demand curve, and a market price of $30 per unit. Consumption of this product causes pollution. Initially, the marginal external cost of the pollution caused by consuming the product is $9 per unit. There is no government policy toward the externality. The government then mandates a shift to a new product version, and all firms adopt and produce the latest version. Consumers view the new product version as equally as good as the initial product version. Consumption of the new version of the product causes less pollution, and the marginal external cost decreases by $3 per unit. For each firm, production of the new product version does not change fixed cost, but it does increase average variable cost by $3 per unit. If necessary, the market adjusts to a new equilibrium. There is…Assume that radio broadcasts are nonrival and nonexcludable. Two people, Artie and Bill, listen to the same radio station during their commute. Each person values the radio station at $3$3 per day. Both Artie and Bill loathe listening to advertisements. Listening to advertisements makes Artie and Bill each worse off by $1.50$1.50 per day. The radio station needs $2$2 per day to continue operating, which it currently earns from advertisers ($2$2 per day is exactly what the airtime is worth to the advertisers). The radio station is considering asking for donations from Artie and Bill and getting rid of the advertising. Artie and Bill can choose to donate to prevent advertisements or not. If only one chooses to donate, he must donate the whole $2$2 to get rid of the ads. If both choose to donate, each pays $1.$1. Assume that both Artie and Bill are each trying to gain the most net benefit possible, and that they do not cooperate with each other. What is the socially efficient way to…
- There are three firms, A;B; and C that produce electricity. The first two firms have the same per-megawatt cost of production equal to $2, while firm C has a per-megawatt cost of $1. The firms differ, however, in their pollution. Firms A, B, and C produce respectively 1, 2, and 3 cubic feet of carbon monoxide per megawatt produced. A cubic foot of carbon monoxide pollutes the environment, and has a social cost of $2.5. The demand for electricity is represented by the inverse demand function P (Mw) =100 - Mw, where Mw represents the megawatts consumed by the public. Suppose firms are not held accountable for the pollution they produce. What is the competitive equilibrium price and quantity in the market for electricity? (remember that in a competitive market the price will be driven down to marginal cost (since firms in a competitive market earn zero economic profit). How much pollution is there at the competitive equilibrium and what is the social cost of this pollution?There are three firms, A;B; and C that produce electricity. The first two firms have the same per-megawatt cost of production equal to $2, while firm C has a per-megawatt cost of $1. The firms differ, however, in their pollution. Firms A, B, and C produce respectively 1, 2, and 3 cubic feet of carbon monoxide per megawatt produced. A cubic foot of carbon monoxide pollutes the environment, and has a social cost of $2.5. The demand for electricity is represented by the inverse demand function P (Mw) =100 - Mw, where Mw represents the megawatts consumed by the public. Suppose firms are not held accountable for the pollution they produce. Q1: What is the social cost at the pollution at the competitive equilibrium? and what is the socially optimal quantity of pollution?There are three firms, A;B; and C that produce electricity. The first two firms have the same per-megawatt cost of production equal to $2, while firm C has a per-megawatt cost of $1. The firms differ, however, in their pollution. Firms A, B, and C produce respectively 1, 2, and 3 cubic feet of carbon monoxide per megawatt produced. A cubic foot of carbon monoxide pollutes the environment, and has a social cost of $2.5. The demand for electricity is represented by the inverse demand function P (Mw) =100 - Mw, where Mw represents the megawatts consumed by the public. Suppose firms are not held accountable for the pollution they produce. Suppose that government allows firms to trade their permits to emit carbon monoxide. Q1: What is the competitive price of a permit to emit 1 cubic foot of carbon monoxide? And how much electricity is produced after the permits are traded?
- A certain economy which produces two goods and has the technology matrix = (Recall that the entry of is the amount of good required to produce one unit of good ) Find the amount of good in the production schedule that meets an external demand for 120 units of good and 100 units of goodQuestion 29 True/False: Public goods are goods that are excludable. Group of answer choices True FalseIf production of a good is known to create external benefits a. Those benefits are larger than those received by the consumers of that good b. Those benefits are smaller than those received by the consumers of that good c. Those benefits are the same as those received by the consumers of that good
