When There Is a Brownfield,no One Is Liable for the Costs

question 57

True/False

When there is a brownfield,no one is liable for the costs of clean-up.

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Definitions:

Adam Smith

Was an 18th-century Scottish economist and philosopher, known as the "father of modern economics" for his influential work on the nature and causes of the wealth of nations.

Economies of Scale

Cost advantages that enterprises obtain due to scale of operation, with cost per unit of output decreasing with increasing scale.

Marginal Output

Refers to the additional output that results from using one more unit of a production input, such as labor or capital, in the production process.

Total Output

The total quantity of goods and services produced in an economy during a given period.