In One New York Community in the 1990's, the Rate

question 3

Multiple Choice

In one New York community in the 1990's, the rate of pediatric asthma was exacerbated when the city chose to build this in the neighborhood:

• A) a medical waste incinerator
• B) a paper mill
• C) an automobile factory
• D) a crematorium

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Definitions:

Productive Efficiency

A situation where a firm or economy produces output at the lowest possible cost, using all its resources efficiently.

Pure Competition

A market structure characterized by a large number of small firms, a homogenous product, and very easy entry and exit from the market.

Spillovers

Effects of an economic activity that impact third parties who are not directly involved in the activity, potentially leading to externalities.

Marginal Cost

The added cost incurred from the production of an extra unit of output.