{"id":380,"date":"2018-04-05T00:32:42","date_gmt":"2018-04-05T00:32:42","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/os-microecon-e2\/chapter\/international-environmental-issues\/"},"modified":"2018-06-25T17:52:13","modified_gmt":"2018-06-25T17:52:13","slug":"international-environmental-issues","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/chapter\/international-environmental-issues\/","title":{"raw":"International Environmental Issues","rendered":"International Environmental Issues"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\nBy the end of this section, you will be able to:\r\n<ul>\r\n \t<li>Explain biodiversity<\/li>\r\n \t<li>Analyze the partnership of high-income and low-income countries in efforts to address international externalities<\/li>\r\n<\/ul>\r\n<\/div>\r\n<p id=\"fs-idm102764944\">Many countries around the world have become more aware of the benefits of environmental protection. Yet even if most nations individually took steps to address their environmental issues, no nation acting alone can solve certain environmental problems which spill over national borders. No nation by itself can reduce emissions of carbon dioxide and other gases by enough to solve the problem of global warming\u2014not without the cooperation of other nations. Another issue is the challenge of preserving <strong>biodiversity<\/strong>, which includes the full spectrum of animal and plant genetic material. Although a nation can protect biodiversity within its own borders, no nation acting alone can protect biodiversity around the world. Global warming and biodiversity are examples of <strong>international externalities.<\/strong><\/p>\r\n<p id=\"fs-idp153567632\">Bringing the nations of the world together to address environmental issues requires a difficult set of negotiations between countries with different income levels and different sets of priorities. If nations such as China, India, Brazil, Mexico, and others are developing their economies by burning vast amounts of fossil fuels or by stripping their forest and wildlife habitats, then the world\u2019s high-income countries acting alone will not be able to reduce greenhouse gases. However, low-income countries, with some understandable exasperation, point out that high-income countries do not have much moral standing to lecture them on the necessities of putting environmental protection ahead of economic growth. After all, high-income countries have historically been the primary contributors to greenhouse warming by burning <strong><span class=\"no emphasis\">fossil fuels<\/span><\/strong>\u2014and still are today. It is hard to tell people who are living in a low-income country, where adequate diet, health care, and education are lacking, that they should sacrifice an improved quality of life for a cleaner environment.<\/p>\r\n<p id=\"fs-idm103156336\">Can rich and poor countries come together to address global environmental spillovers? At the initiative of the European Union and the most vulnerable developing nations, the Durban climate conference in December 2011 launched negotiations to develop a new international climate change agreement that covers all countries. The outcome of these negotiations was the Paris Climate Agreement, passed in 2016. The Paris Agreement committed participating countries to significant limits on CO<sub>2<\/sub> emissions. To date, 129 nations have signed on, including the two biggest emitters of greenhouse gases\u2014China and the United States. The U.S. contribution to the agreement was the Clean Power Plan, which planned to reduce power plant CO<sub>2<\/sub> emissions across the U.S. by 17% to pre-2005 levels by 2020, and to further reduce emissions by a cumulative 32% by 2030. In early 2017, the Trump Administration announced plans to back out of the Paris Climate Agreement. Trump opposes the Clean Power plan, opting instead to shift focus to the use of natural gas. This represents a significant blow to the success of the Paris Agreement.<\/p>\r\n\r\n<div id=\"fs-idm36815952\" class=\"economics linkup\">\r\n<div class=\"textbox shaded\">\r\n<p id=\"fs-idm51108896\">Visit this <a href=\"http:\/\/openstaxcollege.org\/l\/EC\">website<\/a> to learn more about the European Commission.<\/p>\r\n<span id=\"fs-idp103240272\">\r\n<img class=\"aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3164\/2018\/04\/05003241\/EC.png\" alt=\"QR Code representing a URL\" width=\"130\" \/><\/span>\r\n\r\n<\/div>\r\n<\/div>\r\n<p id=\"fs-idp18372672\">If high-income countries want low-income countries to reduce their greenhouse emission gases, then the high-income countries may need to pay some of the costs. Perhaps some of these payments will happen through private markets. For example, some tourists from rich countries will pay handsomely to vacation near the natural treasures of low-income countries. Perhaps some of the transfer of resources can happen through making modern pollution-control technology available to poorer countries.<\/p>\r\n<p id=\"fs-idm14067552\">The practical details of what such an international system might look like and how it would operate across international borders are forbiddingly complex. However, it seems highly unlikely that some form of world government will impose a detailed system of environmental command-and-control regulation around the world. As a result, a decentralized and market-oriented approach may be the only practical way to address international issues such as global warming and biodiversity.<\/p>\r\n\r\n<section id=\"fs-idm169350448\" class=\"summary\">\r\n<div class=\"textbox key-takeaways\">\r\n<h3>Key Concepts and Summary<\/h3>\r\n<p id=\"fs-idp12521440\">Certain global environmental issues, such as global warming and biodiversity, spill over national borders and require addressing with some form of international agreement.<\/p>\r\n\r\n<\/div>\r\n<\/section><section id=\"fs-idp115804912\" class=\"self-check-questions\">\r\n<div class=\"textbox exercises\"><section id=\"fs-idp115804912\" class=\"self-check-questions\">\r\n<h3>Self-Check Questions<\/h3>\r\n<div id=\"fs-idp51747376\">\r\n<div id=\"fs-idp168598352\">\r\n<p id=\"fs-idp28414192\">Consider the case of global environmental problems that spill across international borders as a prisoner\u2019s dilemma of the sort studied in Monopolistic Competition and Oligopoly. Say that there are two countries, A and B. Each country can choose whether to protect the environment, at a cost of 10, or not to protect it, at a cost of zero. If one country decides to protect the environment, there is a benefit of 16, but the benefit is divided equally between the two countries. If both countries decide to protect the environment, there is a benefit of 32, which is divided equally between the two countries.<\/p>\r\n\r\n<ol id=\"fs-idp7439792\" type=\"a\">\r\n \t<li>In <a class=\"autogenerated-content\" href=\"#Table_12_15\">[link]<\/a>, fill in the costs, benefits, and total payoffs to the countries of the following decisions. Explain why, without some international agreement, they are likely to end up with neither country acting to protect the environment.\r\n<table id=\"Table_12_15\" summary=\"Table provides 2 blank rows and 2 blank columns to complete. The top of the table is labeled Country B with 2 corresponding columns labeled Protect and Not Protect. The left of the table is labeled Country A with 2 corresponding rows labeled Protect and Not Protect.\">\r\n<tbody>\r\n<tr>\r\n<td colspan=\"2\" rowspan=\"2\"><\/td>\r\n<td colspan=\"2\"><strong>Country B<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Protect<\/td>\r\n<td>Not Protect<\/td>\r\n<\/tr>\r\n<tr>\r\n<td rowspan=\"2\"><strong>Country A<\/strong><\/td>\r\n<td>Protect<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Not Protect<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/li>\r\n<\/ol>\r\n<\/div>\r\n<div id=\"fs-idp58128464\">\r\n\r\n[reveal-answer q=\"92941\"]Show Answer[\/reveal-answer]\r\n[hidden-answer a=\"92941\"]\r\n<table id=\"Table_12_16\" summary=\"The table has 2 rows and 2 columns. The header row is labeled Country B with 2 columns. The top left situation illustrated is Protect, Protect where both Country A and B have a cost of 10 and a benefit of 16; each country has net = 6. The top right situation illustrated is Not Protect, Protect where Country A has a cost of 10 and a benefit of 8 (net = negative 2). Country B has a cost of 0 and a benefit of 8 (net = 8). The bottom left situation is Protect, Not Protect where Country A has a cost of 0 and a benefit of 8. (net = 8); and Country B has a cost of 10 and a benefit of 8 (net = negative 2). The bottom right situation is Not Protect, Not Protect, where both Country A and B have a zero cost and a zero benefit; each country has net = 0\">\r\n<tbody>\r\n<tr>\r\n<td colspan=\"2\" rowspan=\"2\"><\/td>\r\n<td colspan=\"2\"><strong>Country B<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Protect<\/td>\r\n<td>Not Protect<\/td>\r\n<\/tr>\r\n<tr>\r\n<td rowspan=\"2\"><strong>Country A<\/strong><\/td>\r\n<td>Protect<\/td>\r\n<td>Both A and B have a cost of 10 and a benefit of 16; each country has net = 6<\/td>\r\n<td>A has a cost of 10 and a benefit of 8 (net = \u20132); B has a cost of 0 and a benefit of 8 ( net = 8)<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Not Protect<\/td>\r\n<td>A has a cost of 0 and a benefit of 8 (net = 8); B has a cost of 10 and a benefit of 8 (net = \u20132)<\/td>\r\n<td>Both A and B have a zero cost and a zero benefit; each country has net = 0<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<section id=\"fs-idp115804912\" class=\"self-check-questions\">\r\n<div id=\"fs-idp51747376\">\r\n<div id=\"fs-idp58128464\">\r\n<p id=\"fs-idp57464208\">Country B will reason this way: If A protects the environment, then we will have benefits of 6 if we act to protect the environment, but 8 if we do not, so we will not protect it. If A is not protecting the environment, we will have losses of 2 if we protect, but have zero if we do not protect, so again, we will not protect it. Country A will reason in a similar manner. The result is that both countries choose to not protect, even though they will achieve the largest social benefits\u2014a combined benefit of 12 for the two countries\u2014if they both choose to protect. Environmental treaties can be viewed as a way for countries to try to extricate themselves from this situation.<\/p>\r\n\r\n<\/div>\r\n<\/div>\r\n<\/section>[\/hidden-answer]\r\n\r\n<\/div>\r\n<\/div>\r\n<\/section><section id=\"fs-idp47592624\" class=\"review-questions\">\r\n<h3>Review Questions<\/h3>\r\n<div id=\"fs-idp6598944\">\r\n<div id=\"fs-idp39216800\">\r\n<p id=\"fs-idm5709792\">What are the economic tradeoffs between low-income and high-income countries in international conferences on global environmental damage?<\/p>\r\n\r\n<\/div>\r\n<\/div>\r\n<div id=\"fs-idp129212368\">\r\n<div id=\"fs-idp16025264\">\r\n<p id=\"fs-idm46182304\">What arguments do low-income countries make in international discussions of global environmental clean-up?<\/p>\r\n\r\n<\/div>\r\n<\/div>\r\n<\/section><section id=\"fs-idm99427392\" class=\"critical-thinking\">\r\n<h3>Critical Thinking Questions<\/h3>\r\n<div id=\"fs-idm70563776\">\r\n<div id=\"fs-idm167357808\">\r\n<p id=\"fs-idp23983040\">Can extreme levels of pollution hurt the economic development of a high-income country? Why or why not?<\/p>\r\n\r\n<\/div>\r\n<\/div>\r\n<div id=\"fs-idm113375232\">\r\n<div id=\"fs-idp25679968\">\r\n<p id=\"fs-idm53933776\">How can high-income countries benefit from covering much of the cost of reducing pollution created by low-income countries?<\/p>\r\n\r\n<\/div>\r\n<\/div>\r\n<\/section><\/div>\r\n<\/section><section id=\"fs-idm30127040\" class=\"references\">\r\n<h3>References<\/h3>\r\n<p id=\"fs-idp43269152\">European Union. \"Durban Conference Delivers Breakthrough for Climate.\" Press release. December 11, 2012. Accessed December 19, 2013. http:\/\/europa.eu\/rapid\/press-release_MEMO-11-895_en.htm?locale=en.<\/p>\r\n\r\n<\/section>\r\n<div>\r\n<div class=\"textbox shaded\">\r\n<h3>Glossary<\/h3>\r\n<dl id=\"fs-idm115577888\">\r\n \t<dt>biodiversity<\/dt>\r\n \t<dd id=\"fs-idm87518928\">the full spectrum of animal and plant genetic material<\/dd>\r\n<\/dl>\r\n<dl id=\"fs-idm127405712\">\r\n \t<dt>international externalities<\/dt>\r\n \t<dd id=\"fs-idm185696656\">externalities that cross national borders and that a single nation acting alone cannot resolve<\/dd>\r\n<\/dl>\r\n<\/div>\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<p>By the end of this section, you will be able to:<\/p>\n<ul>\n<li>Explain biodiversity<\/li>\n<li>Analyze the partnership of high-income and low-income countries in efforts to address international externalities<\/li>\n<\/ul>\n<\/div>\n<p id=\"fs-idm102764944\">Many countries around the world have become more aware of the benefits of environmental protection. Yet even if most nations individually took steps to address their environmental issues, no nation acting alone can solve certain environmental problems which spill over national borders. No nation by itself can reduce emissions of carbon dioxide and other gases by enough to solve the problem of global warming\u2014not without the cooperation of other nations. Another issue is the challenge of preserving <strong>biodiversity<\/strong>, which includes the full spectrum of animal and plant genetic material. Although a nation can protect biodiversity within its own borders, no nation acting alone can protect biodiversity around the world. Global warming and biodiversity are examples of <strong>international externalities.<\/strong><\/p>\n<p id=\"fs-idp153567632\">Bringing the nations of the world together to address environmental issues requires a difficult set of negotiations between countries with different income levels and different sets of priorities. If nations such as China, India, Brazil, Mexico, and others are developing their economies by burning vast amounts of fossil fuels or by stripping their forest and wildlife habitats, then the world\u2019s high-income countries acting alone will not be able to reduce greenhouse gases. However, low-income countries, with some understandable exasperation, point out that high-income countries do not have much moral standing to lecture them on the necessities of putting environmental protection ahead of economic growth. After all, high-income countries have historically been the primary contributors to greenhouse warming by burning <strong><span class=\"no emphasis\">fossil fuels<\/span><\/strong>\u2014and still are today. It is hard to tell people who are living in a low-income country, where adequate diet, health care, and education are lacking, that they should sacrifice an improved quality of life for a cleaner environment.<\/p>\n<p id=\"fs-idm103156336\">Can rich and poor countries come together to address global environmental spillovers? At the initiative of the European Union and the most vulnerable developing nations, the Durban climate conference in December 2011 launched negotiations to develop a new international climate change agreement that covers all countries. The outcome of these negotiations was the Paris Climate Agreement, passed in 2016. The Paris Agreement committed participating countries to significant limits on CO<sub>2<\/sub> emissions. To date, 129 nations have signed on, including the two biggest emitters of greenhouse gases\u2014China and the United States. The U.S. contribution to the agreement was the Clean Power Plan, which planned to reduce power plant CO<sub>2<\/sub> emissions across the U.S. by 17% to pre-2005 levels by 2020, and to further reduce emissions by a cumulative 32% by 2030. In early 2017, the Trump Administration announced plans to back out of the Paris Climate Agreement. Trump opposes the Clean Power plan, opting instead to shift focus to the use of natural gas. This represents a significant blow to the success of the Paris Agreement.<\/p>\n<div id=\"fs-idm36815952\" class=\"economics linkup\">\n<div class=\"textbox shaded\">\n<p id=\"fs-idm51108896\">Visit this <a href=\"http:\/\/openstaxcollege.org\/l\/EC\">website<\/a> to learn more about the European Commission.<\/p>\n<p><span id=\"fs-idp103240272\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3164\/2018\/04\/05003241\/EC.png\" alt=\"QR Code representing a URL\" width=\"130\" \/><\/span><\/p>\n<\/div>\n<\/div>\n<p id=\"fs-idp18372672\">If high-income countries want low-income countries to reduce their greenhouse emission gases, then the high-income countries may need to pay some of the costs. Perhaps some of these payments will happen through private markets. For example, some tourists from rich countries will pay handsomely to vacation near the natural treasures of low-income countries. Perhaps some of the transfer of resources can happen through making modern pollution-control technology available to poorer countries.<\/p>\n<p id=\"fs-idm14067552\">The practical details of what such an international system might look like and how it would operate across international borders are forbiddingly complex. However, it seems highly unlikely that some form of world government will impose a detailed system of environmental command-and-control regulation around the world. As a result, a decentralized and market-oriented approach may be the only practical way to address international issues such as global warming and biodiversity.<\/p>\n<section id=\"fs-idm169350448\" class=\"summary\">\n<div class=\"textbox key-takeaways\">\n<h3>Key Concepts and Summary<\/h3>\n<p id=\"fs-idp12521440\">Certain global environmental issues, such as global warming and biodiversity, spill over national borders and require addressing with some form of international agreement.<\/p>\n<\/div>\n<\/section>\n<section id=\"fs-idp115804912\" class=\"self-check-questions\">\n<div class=\"textbox exercises\">\n<section id=\"fs-idp115804912\" class=\"self-check-questions\">\n<h3>Self-Check Questions<\/h3>\n<div id=\"fs-idp51747376\">\n<div id=\"fs-idp168598352\">\n<p id=\"fs-idp28414192\">Consider the case of global environmental problems that spill across international borders as a prisoner\u2019s dilemma of the sort studied in Monopolistic Competition and Oligopoly. Say that there are two countries, A and B. Each country can choose whether to protect the environment, at a cost of 10, or not to protect it, at a cost of zero. If one country decides to protect the environment, there is a benefit of 16, but the benefit is divided equally between the two countries. If both countries decide to protect the environment, there is a benefit of 32, which is divided equally between the two countries.<\/p>\n<ol id=\"fs-idp7439792\" type=\"a\">\n<li>In <a class=\"autogenerated-content\" href=\"#Table_12_15\">[link]<\/a>, fill in the costs, benefits, and total payoffs to the countries of the following decisions. Explain why, without some international agreement, they are likely to end up with neither country acting to protect the environment.<br \/>\n<table id=\"Table_12_15\" summary=\"Table provides 2 blank rows and 2 blank columns to complete. The top of the table is labeled Country B with 2 corresponding columns labeled Protect and Not Protect. The left of the table is labeled Country A with 2 corresponding rows labeled Protect and Not Protect.\">\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"2\"><\/td>\n<td colspan=\"2\"><strong>Country B<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Protect<\/td>\n<td>Not Protect<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\"><strong>Country A<\/strong><\/td>\n<td>Protect<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Not Protect<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<\/ol>\n<\/div>\n<div id=\"fs-idp58128464\">\n<div class=\"qa-wrapper\" style=\"display: block\"><span class=\"show-answer collapsed\" style=\"cursor: pointer\" data-target=\"q92941\">Show Answer<\/span><\/p>\n<div id=\"q92941\" class=\"hidden-answer\" style=\"display: none\">\n<table id=\"Table_12_16\" summary=\"The table has 2 rows and 2 columns. The header row is labeled Country B with 2 columns. The top left situation illustrated is Protect, Protect where both Country A and B have a cost of 10 and a benefit of 16; each country has net = 6. The top right situation illustrated is Not Protect, Protect where Country A has a cost of 10 and a benefit of 8 (net = negative 2). Country B has a cost of 0 and a benefit of 8 (net = 8). The bottom left situation is Protect, Not Protect where Country A has a cost of 0 and a benefit of 8. (net = 8); and Country B has a cost of 10 and a benefit of 8 (net = negative 2). The bottom right situation is Not Protect, Not Protect, where both Country A and B have a zero cost and a zero benefit; each country has net = 0\">\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"2\"><\/td>\n<td colspan=\"2\"><strong>Country B<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Protect<\/td>\n<td>Not Protect<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\"><strong>Country A<\/strong><\/td>\n<td>Protect<\/td>\n<td>Both A and B have a cost of 10 and a benefit of 16; each country has net = 6<\/td>\n<td>A has a cost of 10 and a benefit of 8 (net = \u20132); B has a cost of 0 and a benefit of 8 ( net = 8)<\/td>\n<\/tr>\n<tr>\n<td>Not Protect<\/td>\n<td>A has a cost of 0 and a benefit of 8 (net = 8); B has a cost of 10 and a benefit of 8 (net = \u20132)<\/td>\n<td>Both A and B have a zero cost and a zero benefit; each country has net = 0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<section id=\"fs-idp115804912\" class=\"self-check-questions\">\n<div id=\"fs-idp51747376\">\n<div id=\"fs-idp58128464\">\n<p id=\"fs-idp57464208\">Country B will reason this way: If A protects the environment, then we will have benefits of 6 if we act to protect the environment, but 8 if we do not, so we will not protect it. If A is not protecting the environment, we will have losses of 2 if we protect, but have zero if we do not protect, so again, we will not protect it. Country A will reason in a similar manner. The result is that both countries choose to not protect, even though they will achieve the largest social benefits\u2014a combined benefit of 12 for the two countries\u2014if they both choose to protect. Environmental treaties can be viewed as a way for countries to try to extricate themselves from this situation.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section id=\"fs-idp47592624\" class=\"review-questions\">\n<h3>Review Questions<\/h3>\n<div id=\"fs-idp6598944\">\n<div id=\"fs-idp39216800\">\n<p id=\"fs-idm5709792\">What are the economic tradeoffs between low-income and high-income countries in international conferences on global environmental damage?<\/p>\n<\/div>\n<\/div>\n<div id=\"fs-idp129212368\">\n<div id=\"fs-idp16025264\">\n<p id=\"fs-idm46182304\">What arguments do low-income countries make in international discussions of global environmental clean-up?<\/p>\n<\/div>\n<\/div>\n<\/section>\n<section id=\"fs-idm99427392\" class=\"critical-thinking\">\n<h3>Critical Thinking Questions<\/h3>\n<div id=\"fs-idm70563776\">\n<div id=\"fs-idm167357808\">\n<p id=\"fs-idp23983040\">Can extreme levels of pollution hurt the economic development of a high-income country? Why or why not?<\/p>\n<\/div>\n<\/div>\n<div id=\"fs-idm113375232\">\n<div id=\"fs-idp25679968\">\n<p id=\"fs-idm53933776\">How can high-income countries benefit from covering much of the cost of reducing pollution created by low-income countries?<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/section>\n<section id=\"fs-idm30127040\" class=\"references\">\n<h3>References<\/h3>\n<p id=\"fs-idp43269152\">European Union. &#8220;Durban Conference Delivers Breakthrough for Climate.&#8221; Press release. December 11, 2012. Accessed December 19, 2013. http:\/\/europa.eu\/rapid\/press-release_MEMO-11-895_en.htm?locale=en.<\/p>\n<\/section>\n<div>\n<div class=\"textbox shaded\">\n<h3>Glossary<\/h3>\n<dl id=\"fs-idm115577888\">\n<dt>biodiversity<\/dt>\n<dd id=\"fs-idm87518928\">the full spectrum of animal and plant genetic material<\/dd>\n<\/dl>\n<dl id=\"fs-idm127405712\">\n<dt>international externalities<\/dt>\n<dd id=\"fs-idm185696656\">externalities that cross national borders and that a single nation acting alone cannot resolve<\/dd>\n<\/dl>\n<\/div>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-380\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Specific attribution<\/div><ul class=\"citation-list\"><li>Principles of Microeconomics, 2nd Edition. <strong>Authored by<\/strong>: OpenStax. <strong>Provided by<\/strong>: Rice University. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/cnx.org\/contents\/5c09762c-b540-47d3-9541-dda1f44f16e5@8.1.\">http:\/\/cnx.org\/contents\/5c09762c-b540-47d3-9541-dda1f44f16e5@8.1.<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/5c09762c-b540-47d3-9541-dda1f44f16e5@8.1.<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":2,"menu_order":6,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc-attribution\",\"description\":\"Principles of Microeconomics, 2nd Edition\",\"author\":\"OpenStax\",\"organization\":\"Rice University\",\"url\":\"http:\/\/cnx.org\/contents\/5c09762c-b540-47d3-9541-dda1f44f16e5@8.1.\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/5c09762c-b540-47d3-9541-dda1f44f16e5@8.1.\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-380","chapter","type-chapter","status-publish","hentry"],"part":366,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/pressbooks\/v2\/chapters\/380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/wp\/v2\/users\/2"}],"version-history":[{"count":5,"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/pressbooks\/v2\/chapters\/380\/revisions"}],"predecessor-version":[{"id":941,"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/pressbooks\/v2\/chapters\/380\/revisions\/941"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/pressbooks\/v2\/parts\/366"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/pressbooks\/v2\/chapters\/380\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/wp\/v2\/media?parent=380"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/pressbooks\/v2\/chapter-type?post=380"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/wp\/v2\/contributor?post=380"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-microeconomics2\/wp-json\/wp\/v2\/license?post=380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}