题目
题目

Quiz:TEXTBOOK QUIZ CH 16

多项填空题

Part 1The diagram to the right shows the perfectly competitive market for honey. The demand curve shows the marginal benefit to society of consuming an extra unit of honey. The supply curve shows the marginal costs of producing an extra unit of honey.Part 2​However, suppose​ that, as a​ by-product to producing​ honey, honeybees pollinate​ flowers, allowing more flowers to grow and bloom. Suppose that for each unit of honey​ produced, one unit of flowers is also​ created, providing an external benefit of​ $6.Use the line drawing tool to draw and label the social marginal cost curve.​ (Make sure that the​ curve's one end extends to the output level 18 and it crosses the demand​ curve.)Part 3Carefully follow the instructions​ above, and only draw the required objects. Click toenlargegraphPart 4The allocatively efficient quantity of honey is [input]enter your response here units.​(Round to your response to the nearest whole​ number.)

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The question describes a perfectly competitive honey market and then adds a positive externality: for each unit of honey produced, one unit of flowers is created, providing an external benefit of $6. Part 2 asks to draw the social marginal cost curve, with the instruction that one end extends to output level 18 and that the curve crosses the demand curve. Part 4 asks for the allocatively efficient quantity of honey, rounded to the nearest whole number. Since there are no answer options provided (the answer field is empty and the problem relies on a graph), we cannot pin down a single numeric quantity without the graph and data values. What we can do is explain the principle and how to determine the efficient quantity. Key concept: when a positive externality exi......Login to view full explanation

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The above diagram shows the private and social marginal costs (PMC and SMC) associated with the production of a fossil fuel energy (such as natural gas, oil, or coal). The demand curve shows the private marginal benefit (PMB) curve for users of fossil-fuel based energy (FFE). There are no demand side externalities so the Demand curve is both the PMB and the SMB curve. The government provides a subsidy to fossil-fuel makers of $s per unit. There are no other policies in place. The [ Select ] vertical horizontal distance between the PMC and SMC curves corresponds to the [ Select ] abatement negative externality positive externality imposed by each unit of fossil-fuel energy (FFE) production. The socially optimal quantity of FFE is  [ Select ] Q3 Q1 Q2 The deadweight-loss from the FFE subsidy is  [ Select ] R+F+H D+E F+H O+P The deadweight-loss from no intervention (competitive equilibrium under laissez faire) [ Select ] D+E+I+N+O+P R R+F+H D The price the consumer pays net of the subsidy is    [ Select ] P3-s P3 greater than P2 The price that firms receive per unit they produce (in the presence of the subsidy)  is [ Select ] less than P3 greater than P2 P2 P1 If the government eliminated the subsidy and replaced it with the socially optimal tax on each unit of FFE, then [ Select ] the new deadweight loss would be area R consumer surplus would fall by the amount shown in area L the price consumers pay (including the tax) would rise to P1 the new deadweight loss would be area D+E Self-interest predicts that a producer economic interest group would lobby for  [ Select ] the optimal tax laissez faire (no intervention) the subsidy s Friedman's theory of Corporate Social Responsibility implies that, when the government provides the subsidy, [ Select ] it is socially responsible for firms to lobby for the optimal tax it is socially responsible for firms to produce output Q2 it is socially responsible for firms to produce Q3 under the subsidy

If a positive externality exists in the consumption of a good, the private market equilibrium quantity will be  

Which is true of a market that has allocational inefficiency (DWL) due to negative externalities? The competitive equilibrium output of that good is lower than the social optimum. [ Select ] The competitive equilibrium output of that good his higher than the social optimum. [ Select ] Social marginal costs at the competitive equilibrium are lower than private marginal costs. [ Select ] Property rights are well defined and transaction costs are low. [ Select ]    

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