The Figure Below Shows the Marginal Benefit to Consumers,MB,the Marginal

question 53

Multiple Choice

The figure below shows the marginal benefit to consumers,MB,the marginal cost to private firms,MCP,and the marginal cost to society,MCS,at each level of output of some good.
FIGURE 17-1
-Refer to Figure 17-1.What is the marginal external cost at output level Q3?

• A)P1
• B)P2
• C)P4
• D)P4 - P2
• E)P3 - P1

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Definitions:

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values from their mean.

Variability

The extent to which data points in a statistical distribution or data set differ from each other and from the overall mean of the set.

Index

A statistical measure or indicator that represents the variation or level of a specific phenomenon, often used in economics and finance.

Correlation Coefficient

A statistical measure that calculates the degree to which two variables move with each other, ranging from -1 (perfect negative correlation) to +1 (perfect positive correlation).