Match the following costs to the correct classification of environmental cost.CostCleaning up a river after ahazardous material leakHire of equipment used for cleanup of toxic waste in the factoryPerforming contamination testsForming environmental policiesEnvironmental prevention costEnvironmental internal failurecostEnvironmental detection costEnvironmental external failurecost

Answered: Match the following costs to the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Match the following costs to the correct classification of environmental cost.
Cost
Cleaning up a river after a
hazardous material leak
Hire of equipment used for clean
up of toxic waste in the factory
Performing contamination tests
Forming environmental policies
Environmental prevention cost
Environmental internal failure
cost
Environmental detection cost
Environmental external failure
cost

Expert Solution

Step 1: Define Environmental Costs

The term environmental cost refers to the expenditures made in relation to environmental effects. These expenses cover everything related to preventing, minimizing, and correcting environmental problems. They cover costs associated with reducing pollution, conserving resources, conducting clean-up operations, sticking to environmental laws, and creating sustainable practices.

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