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Figure: Efficiency and Pollution
-(Figure: Efficiency and Pollution) Use Figure: Efficiency and Pollution.Assume that firms are the only beneficiaries of pollution and that costs are borne solely by others in the society.The socially optimal quantity of pollution is _____ tonnes.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable change on an outcome.
Surplus Payments
Payments made above the market price, often by a government to producers, to encourage production or as a form of subsidy.
Economists
Professionals who study and apply theories and concepts related to economies, analyzing trends and advising on economic policy.
Henry George
An American political economist known for his belief that people should own the value they produce themselves, but that the economic value derived from land (including natural resources) should belong equally to all members of society.
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