The Marginal Benefit to Society of Reducing Pollution Declines with Increases

question 122

Multiple Choice

The marginal benefit to society of reducing pollution declines with increases in pollution moderation because of the law of:

• A)increasing costs.
• B)diminishing returns.
• C)diminishing marginal utility.
• D)conservation of matter and energy.

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Definitions:

Hamburger

A favored culinary option that includes a grilled or fried patty made from minced meat, typically beef, encased within a cut-open bun and frequently accompanied by a range of sauces and additional ingredients.

Labor Supply Curve

is a graphical representation showing the relationship between the amount of labor workers are willing to supply and the wage rate.

Substitution Effect

The economic principle that as prices rise, consumers will replace more expensive items with less costly alternatives.

Income Effect

The change in consumption resulting from a change in real income.