The price of gasoline in Canada is about $1.32 per litre at the time of this writing. But the social cost, which includes the cost of repairing environmental damage done by burning gas, is perhaps three times higher. This is an example of the slow pace of change, which is why we should not solely rely on market and technological forces to solve environmental problems.

Question

Quizplus · Accepted Answer

The statement is an example of external costs or negative externalities, not the slow pace of change. It highlights the discrepancy between market prices and the true societal costs of goods that include environmental damage.

The Price of Gasoline in Canada Is About $1