Explain how smoking can simultaneously generate positive and negative externalities. Is there too much or too little smoking? Explain why smoking bans on bars and restaurants do not efficiently solve an externality problem.
Answer to relevant Questions“Anyone who tells you that markets left to their own devices always lead to socially beneficial outcomes is talking utter nonsense.” Do you agree with this statement? Defend your position.Is it necessary to have democracy to have a “free enterprise economy”? Can a free enterprise economy and totalitarianism coexist?What is the role of the Board of Directors? Should the Board’s interests be aligned with managers or owners? Explain.Describe the efficiencies and the inefficiencies that occur with a top-down (hierarchical) management structure.Suppose that an employee has two tasks to perform, assembling machinery and evaluating quality. Suppose that the supervisor can only observe how many machines the worker has assembled. Under what conditions should the ...
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