Given the Information in the Following Table, ________ Is the Cost-Effective

question 8

Multiple Choice

Given the information in the following table, ________ is the cost-effective way to reduce the phosphorous concentration in the Bay of Quinte.

• A)reduction in phosphorus inputs from agricultural runoff
• B)alum treatment of sediments in the bay
• C)tertiary treatment at sewage treatment plants
• D)treatment of wastewater from water treatment plants

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Definitions:

Market Outcome

The equilibrium result of market forces of supply and demand determining the price and quantity of goods and services exchanged.

Implicit Costs

Input costs that do not require an outlay of money by the firm

Outlay

The amount of money spent on a particular item or service, serving as expenses in financial transactions or projects.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between options.