Date: Micro 2620 Fall 2017 Second Exam Figure S- ure several paper mills prodaci

Question

Date: Micro 2620 Fall 2017 Second Exam Figure S- ure several paper mills prodacing paper for a marken. These mills, located upstream from a f wastewater into the river. The waste material affects the mamber ishing village, discharge a large amount o fish in the river, and the use of the river for recreation and as a public water supply source. Figure 5-1 shows t paper market. Use this Figure to answer the following questionts). 17) Refer to Figure S-1. What does S1 represent? A) the market supply curve that reflects marginal social cost B) the market supply curve that reflects only marginal external cost C) the market supply curve that reflects only marginal private benerit D) the market supply curve thas reflects marginal private cost 18) Refer to Figure 5.1. What does Sz represent? A) the market supply curve that reflects marginal social cost and marginal private cost B) the market supply curve that refloct marginal private cost and marginal social benefit C) the market supply curve that reflects marginal extemal cost and marginal social cost D) the market supply curve that reflects margisal social benefit and marginal social cost 19) Refer to Figure 5-1.Whal is the ecoeomically efficient cutput level? A) 01 B) 02 minus 2i c) 02 D)21 plus Q2

Explanation / Answer

17. D - Market supply curve that reflect marginal private cost

18. C - Market supply curve that reflects marginal external cost and marginal social cost.

19. c. Q2

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