Scenario 10-1 The Demand Curve for Gasoline Slopes Downward and the Supply

question 234

Multiple Choice

Scenario 10-1
The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the 1,000^th gallon of gasoline entails the following:
-a private cost of $3.10;
-a social cost of $3.55;
-a value to consumers of $3.70.
-Refer to Scenario 10-1. The production of the 1,000th gallon of gasoline entails an

• A) external cost of $0.15.
• B) external cost of $0.45.
• C) external benefit of $0.15.
• D) external benefit of $0.45.

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