Table 10-1
​ -Refer to Table 10-1

question 106

Multiple Choice

Table 10-1
​
$$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Private Value } \\\text { (Dollars) }\end{array} & \begin{array} { c } \text { Private Cost } \\\text { (Dollars) }\end{array} & \begin{array} { c } \text { External Cost } \\\text { (Dollars) }\end{array} \\\hline 1 & 28 & 12 & 4 \\\hline 2 & 26 & 14 & 4 \\\hline 3 & 24 & 16 & 4 \\\hline 4 & 22 & 18 & 4 \\\hline 5 & 20 & 20 & 4 \\\hline 6 & 18 & 22 & 4 \\\hline 7 & 16 & 24 & 4 \\\hline\end{array}$$
-Refer to Table 10-1. Which of the following statements is correct?

• A)If the external cost per unit of output were $0 instead of $4, then the socially efficient quantity of output would be 6 units.
• B)A tax of $8 per unit would enable this market to move from the equilibrium quantity of output to the socially optimal level of output.
• C)Taking the external cost into account, total surplus declines when the 5th unit of output is produced and consumed.
• D)The market for flowers is a market to which the concepts in this table apply very well.

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