In the following figure,the first panel shows a market situation prior to regulation and the second panel shows the effects of regulation. Figure 12.2 
In the figure,
D: Demand curve for automobiles
S1: Supply curve of automobiles prior to regulation
S2: Supply curve of automobiles after regulation
FG: Clean up cost per unit
-According to Figure 12.2,the total clean up cost for the society prior to regulation is:
Definitions:
Common Law
A system of law based on judicial decisions and precedent rather than statutes.
Nongovernmental Organization
An independent organization that operates outside of government control, often focused on humanitarian, developmental, or environmental efforts.
Inventory Valuation
A method used to assign a monetary value to a business’s inventory, impacting the cost of goods sold and thus the profit.
Bank Overdrafts
A facility provided by a bank allowing an account holder to withdraw more money than is available in their account, often used as a form of short-term financing.
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