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Chapter 12: Q.24 (page 297)

As the extent of environmental protection expands, would you expect the marginal benefits of environmental protection to rise or fall? Why or why not?

Short Answer

Expert verified

The value of marginal benefits will rise.

Step by step solution

01

Introduction

Environmental protection: Environmental protection is the process of safeguarding and conserving the natural environment.

Marginal cost: Additional costs incurred with the cost of producing an additional unit are referred to as marginal costs.

Marginal benefit: A marginal advantage is a benefit derived from the sale of one more unit of a product.

02

Explanation

Every country attempts to limit emissions from time to time by enacting environmental regulations. These regulations require businesses to contribute to the reduction of emissions in exchange for tax breaks and other government advantages. This has a favourable impact on society since people are breathing cleaner air, and they are consumers of things created by businesses, thus earnings will grow as well. Marginal benefits will rise, and marginal costs will fall.

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Most popular questions from this chapter

Classify the following pollution-control policies as command-and-control or market incentive-based.

a. A state emissions tax on the quantity of carbon emitted by each firm.

b. The federal government requires domestic auto companies to improve car emissions by 2020.

c. The EPA sets national standards for water quality.

d. A city sells permits to firms that allow them to emit a specified quantity of pollution.

e. The federal government pays fishermen to preserve salmon.

What is the difference between private costs and social costs?

What arguments do low-income countries make in international discussions of global environmental clean-up

In a market without environmental regulations, will the supply curve for a firm account for private costs, external costs, both, or neither? Explain.

In the tradeoff between economic output and environmental protection, what do the combinations on the protection possibility curve represent?
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