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Difference between private costs and social costs

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Questions

1. Explain how both an emission tax and tradable pollution permits system can reduce pollution.

2. Give an example that illustrates the difference between private costs and social costs.

3. Explain how asymmetric information in a product market can lead to market failure.

4. Consider two types of divorce laws. Law A allows either the husband or the wife to obtain a divorce without the other person's consent. Law B permits divorce only if both parties agree to it. Will there be more divorces under law A or law B, or will there be the same number of divorces under both laws? Why?

Reference no: EM133313836

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