To Make a Market Efficient in the Presence of a Negative

question 19

Multiple Choice

To make a market efficient in the presence of a negative externality,a tax could be imposed that is equal to the marginal

• A)social cost
• B)private benefit
• C)social cost minus marginal private cost
• D)social cost minus marginal private benefit
• E)private benefit minus marginal social benefit

Differentiate between bailment for value and gratuitous bailment, and understand their legal implications.

Discuss the impact of economic growth and industry activities on environmental legislation by various government levels.

Understand the evolution of common law rights and statutory obligations for environmental protection, including specific obligations on innkeepers.

Understand the concept of import substitution and its impact on local industries.