Suppose that in the market for paper, demand is p = 100-Q. The private marginal cost is MC'= 10 + Q. Pollution generated during the production process creates external marginal harmequal to MC°= Q. Is social welfare greater under monopoly or under competition?

Suppose that in the market for paper, demand is p = 100-Q. The private marginal cost is MC'= 10 + Q. Pollution generated during the production process creates external marginal harmequal to MC°= Q. Is social welfare greater under monopoly or under competition?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Suppose that in the market for paper, demand is p= 100-Q. The private marginal cost
is MC= 10 + Q. Pollution generated during the production process creates external
marginal harmequal to MC°= Q. Is social welfare greater under monopoly or under
competition?
Chemical Firm
1 Ton
2 Tons
Pollution Pollution
Shut
15
20
Down
15
20
Operate
25
10
Beach

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