Question
need some help thank you.
Refer to Figure 5-C. Market equilibrium and efficient equilibrium are denoted by points___respectively. a and c c and a c and b a and b Refer to Figure 5-C. The supply curve S social includes the following costs. Private costs only External costs and public costs Private costs and external costs Costs of capital, entrepreneurship, land, and labor Refer to Figure 5-C. The supply curve S private includes the following costs. Costs of capital, entrepreneurship, land, and labor External costs and spillover costs Private costs and external costs Costs that production imposes on others Refer to Figure 5-C. Which of the following observations is correct? True supply curve is above the demand curve at Q1. From society's standpoint, Q1 is the efficient level of output. The equilibrium at P2 and Q2 is inefficient. The equilibrium at P1 and Q1 is efficient. Refer to Figure 5-C. If the suppliers of steel are not aware of or not responsible for the external costs, they will tend to: produce too little. reduce production to Q2. apply new technology to reduce external costs. produce too much.
Explanation / Answer
66) c
67)A
68)B
69)C
