Question

"Public transit systems (buses, trains and subways) use energy. The production or use of energy causes...

"Public transit systems (buses, trains and subways) use energy. The production or use of energy causes environmental damage. Therefore the price charged to consumers for using public transit should fully reflect all social costs, including the cost of the environmental damage they generate." Do you agree or disagree? Discuss.

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Answer #1

Answer : I agree.

Environmental damage occurs due to production or use of energy. Social cost increase due to environmental damage. To cover this social cost including the cost of environmental damage the price of public transit should increase. The price level should increase continuously at that level until it includes all social costs. We know that if price level increase then demand decrease. So, if the price of transit use increase then consumers use less transit. As a result, environmental damage level will decrease which will reduce the social cost. Hence, I agree with the given statement.

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