Multiple Choice Question Mobile source standards in the U.S. are solely benefit-based, which means they are set A. to achieve allocative efficiency B. to maximize total social benefits C. at the point where MSB is maximized D. at the abatement level where MSC is zero E. none of the above

Multiple Choice Question Mobile source standards in the U.S. are solely benefit-based, which means they are set A. to achieve allocative efficiency B. to maximize total social benefits C. at the point where MSB is maximized D. at the abatement level where MSC is zero E. none of the above

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter14: Environmental Economics

Section: Chapter Questions

Problem 16SQP

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Concept explainers

Productive and Allocative Efficiency Analysis

Productive efficiency, also referred to as production efficiency is a term in economics describing the level at which a company is operating at its maximum capacity. Beyond this point, the entity will be unable to manufacture any additional goods without cutting down another product’s production level. This occurrence is an outcome of production happening alongside a Production Possibility Frontier (PPF).

Question

Multiple Choice Question

Mobile source standards in the U.S. are solely benefit-based, which means they are set

A. to achieve allocative efficiency

B. to maximize total social benefits

C. at the point where MSB is maximized

D. at the abatement level where MSC is zero

E. none of the above

Definition Definition State in which the marginal benefit to a consumer is equal to the marginal cost of producing a product. Allocative efficiency occurs when all the market participants (buyers and sellers) have all of the knowledge required to make informed decisions regarding consumption and production of goods and services.

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