Several years ago most major countries signed an agreement to phase out the manufacture of Chlorofluorocarbons (which were extensively used in the production of insulation panels in refrigerators and air-conditioners). How is the opportunity cost of this ban affected by the availability and cost of substitutes for Chlorofluorocarbons?
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Expert's answer
2017-02-01T13:34:11-0500
Opportunity cost of the ban depends heavily on the availability and cost of substitutes for chlorofluorocarbons. Indeed, in the absence or presence of a small number of substitutes prohibition opportunity cost would be very high, but, in contrast, if it is a lot of substitutes for the substance, the cost is low. Thus, the high price of substitutes opportunity cost is high and at low - low.
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