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anthonydel117 anthonydel117
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5 years ago

Question 1.

If there are no externalities, a competitive market achieves economic efficiency. If there is a negative externality, economic efficiency will not be achieved because

• too little of the good will be produced.

• too much of the good will be produced.

• a deadweight loss will occur that is equal to the area under the demand curve for the good.

• economic surplus is maximized.

Question 2.

When there is a negative externality, the marginal private cost of production ________ the marginal social cost of production.

• is greater than

• is equal to

• eliminates

• is less than
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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antheadanthead
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anthonydel117 Author
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#2
5 years ago
Thanks
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