Learning Objectives

[Skip Breadcrumb Navigation]

After reading this chapter, you should be able to:

Distinguish between private costs and social costs
Understand market externalities and possible ways to correct externalities
Describe how economists can conceptually determine the optimal quantity of pollution
Explain the roles of private and common property rights in alternative approaches to addressing the problem of pollution
Discuss how the assignment of property rights may influence the fates of endangered species
Contrast the benefits and costs of recycling scarce resources

[Return to the Top of this Page]