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9 Dec 2017

39. What is the socially optimal or efficient quantity of Kumqats? (a) 30 Kumquats. (b) 5 Kumquats. (c) 25 Kumquats. (d) 10 Kumquats.

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Elin Hessel
Elin HesselLv2
12 Dec 2017
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Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
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ISBN: 9781947172388
Principles of Microeconomics
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Related questions

Which quantity represents the socially-optimal quantity of output in this market?

a) Q

b) Q'

c) Either Q or Q', it is necessary to know whether the externality is positive or negative to determine the socially optimal quantity.

d) Some quantity between Q and Q'. The socially optimal quantity depends upon the negotiating skills of the interested parties

10. Suppose that electricity producers create a negative externality equal to $5 per unit. Further suppose that the government gives a $5 per-unit subsidy to producers. What is the relationship between the equilibrium quantity and the socially optimal quantity of electricity to be produced? a. They are equal. (b) The equilibrium quantity is greater than the socially optimal quantity. C. The equilibrium quantity is less than the socially optimal quantity. d. There is not enough information to answer the question.

A monopolist produces:

a. more than the socially efficient quantity of output but at a higher price than in a competitive market

b. less than the socially efficient quantity of output but at a higher price than in a competitive market.

c. the socially efficient quantity of output but at a higher price than in a competitive market.

d. possibly more or possibly less than the socially efficient quantity of output, but definitely at a higher price than in a competitive market

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