Demand BA Quantity Refer to Externality graph above. Point A is the current equilibrium level of output of t product and point B is the socially optimal level of output for the society.S is the supply curve that includes private costs. St is the supply curve that includes public costs. The gra indicates that there is (are): O a. positive extermalities from product production. O b. spillover costs from the production of this product. Oc spillover benefits to the production of this product. O d. an underallocation of resources to product production.

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Figure 17.2) Suppose the external marginal cost is constant at $5 per unit. Price (demand) equals social marginal cost at output level: Select one: a. 7 b. 3 c. 6 d. 4 Price (S) 14 12 10 00 8 6 4 2 -N G 8 o 10 S = MC 12 14 Quantity

Only typed answer  You are an industry analyst that specializes in an industry where the market inverse demand is P = 100 - 3Q. The external marginal cost of producing the product is MCExternal = 6Q, and the internal cost is MCInternal = 14Q.   Instruction: Round your answers to the nearest two decimal places.   a. What is the socially efficient level of output?   units     b. Given these costs and market demand, how much output would a competitive industry produce?   units     c. Given these costs and market demand, how much output would a monopolist produce?   units     d. Which of the following are actions the government could take to induce firms in this industry to produce the socially efficient level of output.   Instructions: You may select more than one answer. Click the box with a check mark for the correct answers and click twice to empty the box for the wrong answers. You must click to select or deselect each option in order to receive full credit. Pollution taxes…