Consider a graph of the market for electricity, where S₁ represents the upward-sloping marginal private cost of production and D₁ represents the downward-sloping marginal private benefit of consumption. Suppose the production of electricity generates a negative externality. the marginal private cost curve but the marginal social benefit curve will With the externality, the marginal social cost curve will be the marginal private benefit curve. be Compared with the socially efficient quantity for society, the private market produces electricity.

Consider a graph of the market for electricity, where S₁ represents the upward-sloping marginal private cost of production and D₁ represents the downward-sloping marginal private benefit of consumption. Suppose the production of electricity generates a negative externality. the marginal private cost curve but the marginal social benefit curve will With the externality, the marginal social cost curve will be the marginal private benefit curve. be Compared with the socially efficient quantity for society, the private market produces electricity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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