(Figure: Externalities) Answer the following questions. 
a. Is there a positive or negative externality in the market?
b. What are the market equilibrium price and quantity?
c. What are the socially optimal equilibrium price and quantity?
d. What is the size of the external marginal benefit or external marginal cost?
Definitions:
Environmental Problems
Issues affecting the natural environment, such as pollution, deforestation, and climate change, that require management or mitigation.
Biodiversity
Refers to the variety and variability of life on Earth, encompassing the diversity of species, ecosystems, and genetic variations.
Social Scare
A widespread panic or concern within society about a perceived threat or issue, often amplified by media and cultural discourse.
Global Warming
A gradual increase in the overall temperature of the earth's atmosphere due to the greenhouse effect caused by increased levels of carbon dioxide, CFCs, and other pollutants.
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