PRICE OF WILDFLOWERS 9. Efficiency in the presence of externalities Wildflowers grant many external benefits on society: the benefits they bestow on polinators and other native species, improving local ecosystems, and so on. Therefore, the market equilibrium quantity of wildflowers does not equal the socially optimal quantity. The following graph plots the demand for wildflowers (their private value), the supply of wildflowers (the private cost of producing them), and the social value of wildflowers, including both the private value and external benefits Use the black point (plus symbol) to indicate the market equilibrium quantity. Next, use the purple point (diamond symbol) to indicate the social Demand QUANTITY OF WILDFLOWERS Supply Private Ca

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