If You Burn Your Trash in the Back Yard Despite

question 115

Multiple Choice

If you burn your trash in the back yard despite regulations against it,then you are

• A) acting economically irrationally and creating a social cost.
• B) avoiding the private costs associated with disposing your garbage some other way and creating a social cost.
• C) acting rationally and creating a positive externality.
• D) saving landfill space and creating a social benefit.

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Definitions:

Price-Elasticity Coefficient

A measure indicating the responsiveness of the quantity demanded or supplied of a good to a change in its price.

Equal To Zero

A state or condition where a value, quantity, or balance is zero.

Price-Elasticity Coefficient

A measure showing the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price.

Midpoint Formula

A method used to calculate the elasticity of demand or supply by dividing the percentage change in quantity demanded or supplied by the percentage change in price, using the average of the initial and final values.