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Title: The figure below shows the marginal benefit to consumers,MB,the marginal cost to private firms,MCP, ...
Post by: snowga on Oct 16, 2022

The figure below shows the marginal benefit to consumers, MB, the marginal cost to private firms, MCP, and the marginal cost to society, MCS, at each level of output of some good.

Short description: A graph represents the Quantity versus Price relationship. Long description: In the graph, the horizontal axis denotes Quantity and is marked with three values, in the increasing order: Q subscript 1 through 3. The vertical axis denotes Price and is marked with four values in the increasing order: P subscript 1 through 4. Two increasing lines are drawn: M C subscript S and M C subscript p. A decreasing line is drawn M B. The point of intersection of these lines is marked and shown. The point of intersection of the line M C subscript S and M B is (Q subscript 2, P subscript 3). The point of intersection of the line M C subscript p and M B is (Q subscript 3, P subscript 2). Other points marked on the lines, which are the projections of intersection point on either line are as follows. On the line M C subscript s: (Q subscript 1, P subscript 1) and (Q subscript 3, P subscript 4). On the line M C subscript p: (Q subscript 2, P subscript 1).

FIGURE 17-1

Refer to Figure 17-1. The price that would occur in a competitive market in the absence of government intervention is



▸ P1.

▸ P2.

▸ P3.

▸ P4.

▸ not possible to know from the information given.

Title: The figure below shows the marginal benefit to consumers,MB,the marginal cost to private firms,MCP, ...
Post by: lpants on Oct 16, 2022
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