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Class: ECON - Managerial Economics; Subject: Economics; University: Washington & Jefferson College; Term: Forever 1989;
Typology: Quizzes
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TERM 1
DEFINITION 1 Underlies much of economic theory. Used to evaluate the associated gains and losses to society TERM 2
DEFINITION 2 The reduction(change) in health, ecological, and property damages associated with an environmental policy initiative (The difference from the new level of tsb after policy is implemented minus the baseline of tsb before the policy is implemented) TERM 3
DEFINITION 3 At each level of abatement, MSB is measured as the vertical distance from the horizontal axis up to the demand curve TERM 4
DEFINITION 4 an aggregation of these vertical distances of the msb TERM 5
DEFINITION 5 benefit derived from physical use of or access to an environmental good
TERM 6
DEFINITION 6 benefit from the continuance of an environmental good