Use the Figure Below to Answer the Following Questions

question 13

Multiple Choice

Use the figure below to answer the following questions. Figure 15.2.1
-Refer to Figure 15.2.1.The figure shows the marginal private cost curve,the marginal social cost curve and the market demand curve of a mining firm.If the market is unregulated,then

• A)the quantity produced is efficient but price is too low.
• B)the quantity produced is less than the efficient quantity.
• C)the quantity produced is greater than the efficient quantity.
• D)the quantity produced is efficient but the price is too high.
• E)the externality is eliminated.

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Definitions:

Unforeseen

Refers to something not anticipated or predicted.

Appetite for Chaos

A predisposition towards or enjoyment of situations that are unpredictable and disordered.

Entrepreneur

An individual who initiates, organizes, and operates a business venture, taking on financial risks in the hope of profit.

Different Tasks

Various assignments or activities that require completion, often differing in nature, complexity, or purpose.