Microeconomics, Global Edition
2nd Edition
ISBN: 9781292214351
Author: Daron Acemoglu And David Laibson
Publisher: Pearson Education Ltd
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Question
Chapter 1, Problem 9Q
(a)
To determine
Definition of free-riding.
(b)
To determine
Throwing garbage on the street as a free-rider problem.
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suggest a potential solution to that student's problem. How would you internalize their externality or dissuade the free riding?
A time I have experienced negative externality would be air pollution. The wild-fires in Canada have caused a tremendous amount of air pollution (smoke), while these fires are 'controlled' they have gotten out of hand and aren't benefiting the public. The smoke has created an unhealthy air level and can in some cases cause death, going outside I can clearly see the smoke that has traveled and I can smell it. Some of my friends have to stay inside because of health conditions, although it was meant to prevent a larger fire it has created a larger problem as it has gotten out control. This is problematic because there's almost no way of clearing up the smoke and people who will suffer from its outcome will not receive any compensation. It will also effect wild-life and plants, it will be hard to reverse the effects of this fire and the harm it has done. With…
what are 2 assumptions that underline the conclusion that free market are efficient?
What is a way to determine the value of a forest that remains intact?
A. The number of people who visit this forest.
B. How much money people would pay to protect this forest.
C. The amount of money that people spend to purchase gear for camping in this forest.
D. How long it takes for people to reach the forest by different modes of transportation.
E. A and B.
F. All of the above.
Chapter 1 Solutions
Microeconomics, Global Edition
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- Lucia is waiting in line to receive a free t-shirt at a charity event. Because the shirts are free, there are many people in line, and a long wait time is expected. Consider the following sentence: By waiting in line for the shirt Lucia will miss an appointment to tutor an economics student, for which she would have been paid $30. Which basic concept of individual choice does this sentence best illustrate? A. Externalities are a shortcoming of the market. B. Many decisions are made on the margin. C. People usually exploit opportunities to make themselves better off. D. Opportunity costs and money costs (price) are related but are not always exactly the same.arrow_forwardHow would you decide "how many pizza slices to eat a buffet? Which two laws to consider? A. compare the demand and supply for pizza B. compare the marginal benefit of the next slice and the price of the slice C. compare the marginal benefit of the next slice and the marginal cost of the next slice. D. eat as many as you want to eat and not full yet.arrow_forwardWhich of the following is an example of the free-rider problem? A People who do not buy pizza because they are allergic to cheese B People who overspend on a vacation C People who benefit from listening to public radio but never donate to keep it running D People who choose not to give to charitable causes because they do not agree with the organization’s goalarrow_forward
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