Table 10-3
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​ -Refer to Table 10-3

question 134

Multiple Choice

Table 10-3
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$$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Private Value } \\\text { (Dollars) }\end{array} & \begin{array} { c } \text { Private Cost } \\\text { (Dollars) }\end{array} & \begin{array} { c } \text { External Benefit } \\\text { (Dollars) }\end{array} \\\hline 1 & 22 & 12 & 10 \\\hline 2 & 20 & 15 & 10 \\\hline 3 & 18 & 18 & 10 \\\hline 4 & 16 & 21 & 10 \\\hline 5 & 14 & 24 & 10 \\\hline 6 & 12 & 27 & 10 \\\hline\end{array}$$
-Refer to Table 10-3. The table represents a market in which

• A)there is no externality.
• B)there is a positive externality.
• C)there is a negative externality.
• D)The answer cannot be determined from inspection of the table.

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Definitions:

Unregulated Market

A market where economic activities operate without direct governmental control, often resulting in high competition and consumer choice but potentially also in market failures.

Price Fall

A decrease in the cost of goods or services in the market, often leading to increased consumer demand.

Supply Of Peaches

The total quantity of peaches that producers are willing and able to sell at a given price over a specified time period.

Price Of Peaches

The cost at which peaches are sold, which can vary based on factors like season and quality.