(Figure: Toxic Waste) from the Graph, the Socially Optimal Outcome

question 271

Multiple Choice

(Figure: Toxic Waste) From the graph, the socially optimal outcome would lead to total surplus (consumer plus producer) of _____ and external costs of _____, so the optimal amount of toxic waste produced should be _____ tons.

• A) $2,450; $2,400; 30
• B) $2,700; $1,200; 70
• C) $4,900; $1,200; 50
• D) $900; $2,400; 0

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Definitions:

Openness To Experience

The degree to which one is curious, receptive to new ideas, and imaginative.

Curiosity

A strong desire to learn or know something, often characterized by an inquisitive and explorative behavior.

Open Person

Refers to an individual who is receptive to new ideas, experiences, and typically characterized by transparency and approachability.

Broad-Minded

The quality of being open to different ideas, perspectives, and ways of life, showing tolerance and flexibility in thinking.