Refer to the above diagram for athletic shoes.MarginalCostMarginalBenefitQuantity of shoesIf the current output of shoes is Q3, then:society would consider additional units of shoes to be less valuable thanO 1)alternative products.2) resources are being allocated efficiently to the production of shoes.society would consider additional units of shoes to be more valuable thanO 3)alternative products.4) society would experience a net gain by producing more shoes.Marginal benefitand marginal cost(dollars)

Economics is a study that analyzes human behavior for its unlimited desires in terms of limited…

If the current output of shoes is Q3, then: society would consider additional units of shoes to be less valuable than O 1) alternative products. O 2) resources are being allocated efficiently to the production of shoes. society would consider additional units of shoes to be more valuable than 3) alternative products. 4) society would experience a net gain by producing more shoes.

If the current output of shoes is Q3, then: society would consider additional units of shoes to be less valuable than O 1) alternative products. O 2) resources are being allocated efficiently to the production of shoes. society would consider additional units of shoes to be more valuable than 3) alternative products. 4) society would experience a net gain by producing more shoes.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter30: Market Failure: Externalities, Public Goods, And Asymmetric Information

Section30.2: Internalizing Externalities

Problem 2ST

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