Biology Forums - Study Force

Question 1.

Figure 11.2.1

Chemical Fertilizer Market

Figure 11.2.1 shows the marginal social benefit from using fertilizer and the marginal private cost and marginal social cost of producing fertilizer. There

▸ are negative externalities of $10 per unit.

▸ are positive externalities of $20 per unit.

▸ are no externalities.

▸ are negative externalities of $20 per unit.

▸ is not enough information to determine if there are externalities.

Question 2.

Figure 11.2.1

Chemical Fertilizer Market

Figure 11.2.1 shows the marginal social benefit from using fertilizer and the marginal private cost and marginal social cost of producing fertilizer. The marginal private benefit is the same as the marginal social benefit. If the market is unregulated, how many units are produced?

▸ 1

▸ 2

▸ 3

▸ 4

▸ 5

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Question 1.

Figure 11.2.1

Chemical Fertilizer Market

Figure 11.2.1 shows the marginal social benefit from using fertilizer and the marginal private cost and marginal social cost of producing fertilizer. The marginal private benefit is the same as the marginal social benefit. If the market is unregulated, what is the market-clearing price per unit?

▸ $10

▸ $20

▸ $30

▸ $40

▸ $50

Question 2.

Figure 11.2.1

Chemical Fertilizer Market

Figure 11.2.1 shows the marginal social benefit from using fertilizer and the marginal private cost and marginal social cost of producing fertilizer. The marginal private benefit is the same as the marginal social benefit. If the market is unregulated, the marginal

▸ private cost is greater than the marginal social benefit.

▸ social cost equals the marginal private benefit.

▸ social cost equals the marginal private cost.

▸ private cost equals the marginal social benefit.

▸ private cost is less than the marginal social benefit.

Answer 1

$40

Answer 2

private cost equals the marginal social benefit.

Figure 11.2.1

Chemical Fertilizer Market

Figure 11.2.1 shows the marginal social benefit from using fertilizer and the marginal private cost and marginal social cost of producing fertilizer. The marginal private benefit is the same as the marginal social benefit. If the market is unregulated, the

▸ quantity produced is the smart social choice.

▸ marginal social cost is maximized.

▸ marginal social benefit is minimized.

▸ quantity produced is less than the smart social choice.

▸ quantity produced is greater than the smart social choice.

quantity produced is greater than the smart social choice.

Thank you, thank you, thank you!

Question 1.

Figure 11.2.2

Chemical Fertilizer Market

Figure 11.2.2 shows the marginal social benefit from using fertilizer and the marginal private cost and marginal social cost of producing fertilizer. The marginal private benefit is the same as the marginal social benefit. If the market is unregulated, how many tonnes are produced?

▸ 1

▸ 2

▸ 3

▸ 4

▸ 5

Question 2.

Figure 11.2.2

Chemical Fertilizer Market

Figure 11.2.2 shows the marginal social benefit from using fertilizer and the marginal private cost and marginal social cost of producing fertilizer. The marginal private benefit is the same as the marginal social benefit. If the market is unregulated, the marginal

▸ social cost is $120 a tonne.

▸ external cost is $140 a tonne.

▸ external cost is $0.

▸ private cost is $60 a tonne.

▸ external cost is $60 a tonne.

Answer 1

4

Answer 2

external cost is $60 a tonne.