Answer:
impose a tax on Oscar's production of processed meat because the market quantity is greater than the socially optimal quantity.
Explanation:
Externalities are the impact that a business's activity has on its surrounding environment.
They can be positive or negative.
Negative externalities have a detrimental effect on the communities and people that exist around the company.
The case in the give scenario is a negative externality where the meat processing plant that emits unpleasant odors that waft across the city.
The socially accepted level of unpleasant odors from meat production is less than what Oscar's company is releasing to the community.
So there needs to be a tax on their production process to reduce the level
Personally, I would choose to save that money. The reason why is you never know - maybe something bad is going to happen and you will need that extra cash. So instead of splurging it on material things, it's better to save it for a rainy day, in my opinion. Investing is not safe, given that you may lose a lot more than you invest.
The management of forest and agricultural resources has impacted the environment in South America by causing deforestation and soil erosion.
What is environment?
An environment can be simply defined as a system that includes all biotic or abiotic components that have an impact on human life. All flora and fauna are considered biotic, or living, elements, whereas water, sunlight, air, climate, etc. are considered abiotic. An environment's resources can be any good, service, or feature that benefits people and society. They can be anything that fulfils a person's daily needs. Environmental supplies include food provided by living things and plants, energy used for transportation and cooking, wind, and oil, among others. The environment provides a wide range of goods and services needed to support life. Each resource is valuable and has a certain level of importance.
To learn more about environment
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Answer:
Option (c) is correct.
Explanation:
Given that,
Labor costs = $175,000
Production order = $150,000
General factory use = $25,000
Factory overhead applied to production = $23,000
Therefore, the journal entry is as follows:
Work in process A/c Dr. $23,000
To Factory overhead $23,000
(To record the factory overhead applied to production)
