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When negative externalities exist in a market,

 

  1. equilibrium price will be less than the efficient output.

  2. equilibrium output will be less than the efficient output.

  3. equilibrium output will be greater than the efficient output.

  4. equilibrium output will be greater than the efficient price

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Lelia Lubowitz
Lelia LubowitzLv2
2 Dec 2019
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Related textbook solutions

Introductory Statistics
OER Edition, 2013
Openstax
ISBN: 9781938168208

Related questions

Which of the following is a characteristic of a pure monopolist's demand curve?

 

  1. Its elasticity coefficient is 1 at all levels of output.

  2. It is the same as the market demand curve.

  3. Price and marginal revenue are equal at all levels of output.

  4. Average revenue is less than price. 

Which of the following statements about price discrimination is correct?

  1. Successful price discrimination will provide the firm with lower total profits than if it did not discriminate.

  2. Successful price discrimination will provide the firm with more total profits than if it did not discriminate.

  3. Successful price discrimination will generally result in a lower level of output than would be the case under a single-price pure monopoly.

  4. Successful price discrimination occurs when there are differences in the costs of producing for different groups of buyers.

The short-run aggregate supply curve is positively sloped because:

 

  1. wages and other costs of production respond immediately to changes in prices.

  2. profit is lower when prices increase, so output decreases.

  3. workers are willing to work for lower wages rather than be laid off.

  4. higher prices lead to higher profits and higher output.

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