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Figure 10-1 16. Refer to Figure 10-1. graph represents the tobacco

Question : Figure 10-1 16. Refer to Figure 10-1. graph represents the tobacco : 2090703

Figure 10-1

1001

16. Refer to Figure 10-1. This graph represents the tobacco industry. The socially optimal price and quantity are

a.

$1.90 and 38 units, respectively.

b.

$1.80 and 35 units, respectively.

c.

$1.60 and 42 units, respectively.

d.

$1.35 and 58 units, respectively.

 

Figure 10-2

17. Refer to Figure 10-2. Suppose that the production of plastic creates a social cost which is depicted in the graph above. Without any government regulation, how much plastic will be produced?

a.

200

b.

500

c.

650

d.

900

 

18. Refer to Figure 10-2. Suppose that the production of plastic creates a social cost which is depicted in the graph above. Without any government regulation, what price will the firm charge per unit of plastic?

a.

$3

b.

$3.50

c.

$5

d.

$8

 

19. Refer to Figure 10-2. Suppose that the production of plastic creates a social cost which is depicted in the graph above. What is the socially optimal quantity of plastic?

a.

200 units

b.

450 units

c.

500 units

d.

650 units

 

This figure reflects the market for outdoor concerts in a public park surrounded by residential neighborhoods.

Figure 10-3

20. Refer to Figure 10-3. The social cost curve is above the supply curve because

a.

it takes into account the external costs imposed on society by the concert.

b.

it takes into account the effect of local noise restrictions on concerts in parks surrounded by residential neighborhoods.

c.

concert tickets are likely to cost more than the concert actually costs the organizers.

d.

residents in the surrounding neighborhoods get to listen to the concert for free.

 

 

 

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