Refer to Scenario 16

question 259

Multiple Choice

Refer to Scenario 16.1 below to answer the question(s) that follow.
SCENARIO 16.1: The marginal benefit for a particular food is described by MB = 30 - q, where q refers to the quantity of the food. The marginal cost of producing the food is described by MC = 2q. There is a negative externality associated with food production and the marginal social cost of food production is MSC = 4q.
-Refer to Scenario 16.1. The efficient output level is ________ and the efficient price is ________.

• A) 10 units of food; $20
• B) 6 units of food; $24
• C) 0 units of food; $0
• D) 4.29 units of food; $25.71

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Definitions:

10-sided Die

A polyhedral die with ten faces, typically used in tabletop games, each face showing a different number from one to ten.

Standard Deck

A complete set of cards, typically consisting of 52 cards used in various games.

Sample Space

The set of all possible outcomes of a random experiment or event in probability and statistics.

Cards

Physical or digital items marked with identifiers, used for various games, information storage, or authentication purposes.