To Alleviate the Problems Created by Improper Waste Disposal, the Comprehensive

question 83

Multiple Choice

To alleviate the problems created by improper waste disposal, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) authorized the creation of the .

• A) response fund
• B) general fund
• C) Megafund
• D) Superfund

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Definitions:

Price Floor

A government-imposed minimum price charged on goods and services, set above the equilibrium price to prevent market prices from falling too low.

Consumer Surplus

The discrepancy between consumer willingness to pay a total amount for a product or service and the amount they really do pay.

Consumer Surplus

The difference in the total amount consumers are predisposed and financially prepared to pay for a good or service versus their actual expenses.

Normal Good

A good for which demand increases as consumer income rises, and decreases when consumer income falls, all other factors being constant.