​Smelting & Refining Company Generates Solid Waste Considered Hazardous

question 40

Multiple Choice

​Smelting & Refining Company generates solid waste considered hazardous. The company labels and packages properly all waste to be transported to a disposal site. Under the Resource Conservation and Recovery Act, this is most likely

• A) ​not a violation.
• B) ​a violation because Smelting & Refining generates solid waste.
• C) ​a violation because the waste is transported off-site.
• D) ​a violation because the waste is considered hazardous.

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Definitions:

Diseconomies of Scale

Diseconomies of scale occur when a company or business grows so large that the costs per unit increase, leading to decreased efficiency.

Diminishing Marginal Returns

A principle stating that as additional units of a variable input are added to a fixed input, the additional output produced from each new unit will eventually decrease.

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, covering its opportunity costs.

Entrepreneur's Potential Earnings

The hypothetical income an entrepreneur could earn, considering the risks and opportunities associated with starting and running a business.