Suppose the Market for Oranges Is Perfectly Competitive and Unregulated

question 8

Multiple Choice

Suppose the market for oranges is perfectly competitive and unregulated.Suppose also that the chemicals used to keep the oranges insect-free damage the environment by an estimated $1 per bushel of oranges.Suppose Q_D = 1000 - 100P and Q_S = -100 + 100P.The "optimal" amount of environmental damage would be

• A) $0
• B) $400
• C) $450
• D) $500

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Definitions:

Stereotyping

Assigning generalized attributes to individuals based on their membership in a particular group, leading to oversimplified opinions.

Morally Wrong

Actions or behaviors that are in violation of ethical or moral principles.

Outgroup Homogeneity Bias

The tendency to view members of an outgroup as more similar to each other than members of one's ingroup.

UCLA

The University of California, Los Angeles, a public research university located in the Westwood district of Los Angeles, California.