Figure 25 Alt Text for Figure 2

question 41

Multiple Choice

Figure 2.5 Alt text for Figure 2.5: In figure 2.5, a graph compares paper and steel production.
Long description for Figure 2.5: The x-axis is labelled, steel in millions of tons and the quantities 14, 16, 19, and 20 are marked.The y-axis is labelled, paper in millions of tons, and the quantities 4, 9, and 11 are marked.Points Y(14, 9) , W(16, 9) , (19, 4) , and an unnamed point (14, 11) are plotted on the graph, and joined to the respective axes using dotted lines.A concave curve is drawn from the y-axis to the x-axis, passing through the unnamed point (14, 11) , and points W(16, 9) , and X(19, 4) .Point Y is between the curve and the axes.
-Refer to Figure 2.5. If this economy is currently producing at point X, what is the opportunity cost of moving to point W?

• A)3 million tons of steel
• B)5 tons of paper
• C)7 tons of paper
• D)19 tons of steel

Evaluate the effectiveness of various policy solutions in addressing market inefficiencies due to externalities.

Grasp the significance of network externalities and their impact on market dynamics.

Understand the concept of market efficiency and how externalities affect market outcomes.

Identify and evaluate policies for correcting market failures due to externalities, including taxes, subsidies, and tradeable permits.

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