Suppose that legally, people own the right to clean air. that is, it is illegal for factories to emit toxic gases into the atmosphere. (or, in other words, the right to clean air has been assigned to citizens rather than factories.) thus, legally, factories would need to either abate pollution or pay people for the damage to the air. either case would be expected to internalize the cost of pollution and reach an optimal level of output. which of the following is the most likely reason that private markets may not reach this optimal solution? (a) transaction costs may be too high. (b) there is no incentive to have clean air. (c) the assignment of property rights is not efficient. (d) the assignment of property rights is not fair.

How success was the first day of the bus boycott

Consider the labor market for heath care workers. because of the aging population in the united states, the output price for health care services has increased. holding all else equal, what effect does this have on the labor market for health care employees? a. the equilibrium wage increases and the equilibrium quantity of labor increases.b. the equilibrium wage increases and the equilibrium quantity of labor decreases.c. the equilibrium wage decreases and the equilibrium quantity of labor increases.d. the equilibrium wage decreases and the equilibrium quantity of labor decreases.

As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. as a result, she loses half of her productive farmland. if the property of diminishing returns applies to all factors of production, she should expect to seea. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.