Price and cost (dollars per ton of steel) 250 200 150 100 50 2:4 4:2 2 2:2 MSC The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive and unregulated, the equilibrium quantity of steel is tons and the efficient quantity of steel is ________tons. S-MC D- MSB 10 4 6 8 Quantity (tons of steel per week) None of the above answers is correct.

Price and cost (dollars per ton of steel) 250 200 150 100 50 2:4 4:2 2 2:2 MSC The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive and unregulated, the equilibrium quantity of steel is tons and the efficient quantity of steel is ________tons. S-MC D- MSB 10 4 6 8 Quantity (tons of steel per week) None of the above answers is correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(Figure: The Socially Optimal Quantity of Emissions from Coal Production) Use Figure The Socialy Optimal Quarety of Emissions from Coal Production in the figure, firms are the only beneficiaries of polution, and costs are borne solely by others in the society. Without government intervention Marginal social cost, marginal social benefit MSC of pollution MSB of pollution Quantity of pollution emissions (tons) O The outcome cannot be determined without more information Orms will continue to polute until the marginal benefit to them is $200 O firms will continue to pollute until the marginal benate to them is zero. O the quantity of pollution will be optimal.
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What is the number of fishing trip that will occur in the OPEN-ACCESS equilibrium?
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