A(n) ________ can be considered the exhaust from automobiles.
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external effects
When ________ are present, third parties must be taken into account when evaluating a market outcome.
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Bipartisan action
________ is not on the White House or Congress 'agenda.
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Social value
________ is more advantageous than private and it's above the demand curve.
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Coase theorem
________: the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own.
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externality
Polluting firms pay the government and it costs the government more by internalizing the ________.
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EPA
The ________ can determine how many levels of pollution a factory can emit.
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transaction
The ________ costs for a translator, lawyer, or attorney.
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Social cost
________ curves and supply curves differ in the fact that they emit different amounts of pollution.
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Outcomes
________ are efficient when buyers and sellers in markets are the only interested parties.
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Pollution permits
________ are cost- effective ways of keeping the environment clean.
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supply curve
The ________ reflects the cost of producing steel.
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market equilibrium
The ________ is not efficient when there are externalities.
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Transaction costs
________: the costs that parties incur during the process of agreeing to and following through on a bargain.
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Externality
________: the uncompensated impact of one person's actions on the well- being of a bystander.
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Flashcard (75)