Which of the Following Best Fits with the Precautionary Principle

question 13

Multiple Choice

Which of the following best fits with the precautionary principle?

• A) Always take precautionary measures when objective risk cannot be assessed.
• B) Precautionary measures are to be taken even when objective risk can be assessed.
• C) Where there are threats of serious or irreversible damage, lack of full scientific certainty should not to be used to postpone cost-effective preventive measures.
• D) None of the above.

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Definitions:

Buyer Surplus

Buyer surplus is the difference between the maximum amount a consumer is willing to pay for a good or service and the actual amount paid.

Producer Surplus

The difference between the amount producers are willing to supply a good for and the actual amount they receive (or market price).

Minimum Price

The lowest possible price at which a product or service can be sold, often regulated by governments to protect producers or consumers.

Buyer Surplus

The difference between the highest price a consumer is willing to pay for a good or service and the actual price they pay.