FIGURE 16-1 -Refer to Figure 16-1.Suppose That the Perfectly Competitive Market with Market

question 33

Multiple Choice

FIGURE 16-1
-Refer to Figure 16-1.Suppose that the perfectly competitive market with no government intervention achieves equilibrium at point A.If the social marginal costs and social marginal benefits are represented by MC₀ and MB₁,respectively,then the competitive equilibrium quantity is

• A)too low for allocative efficiency.
• B)too high for allocative efficiency.
• C)consistent with allocative efficiency.
• D)not enough information to determine allocative efficiency.

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