Suppose that the market for marijuana is shown in the graph, where MC (private) represents the private
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Suppose that the market for marijuana is shown in the graph, where MC(private) represents the private supply curve and MC(social) represents the social supply curve and reflects the full social marginal costs of production. MB(social) is the demand curve and represents the private and social marginal benefits of marijuana production. From an efficiency standpoint, the socially optimal level of production is ______ounces per week at a price of per_______ ounce.
a. 450; $2,750
b. 400; $2,000
c. 400; $2,500
d. 450; $2,250
e. 400; $2,250
Transcribed Image Text:
Price per ounce MB (social) 4000 3750 3500 3250 3000 2750 2500 2250 2000 1750 1500 1250 1000 MC (private) Quantity (number of ounces/week) MC (social) 600
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Related Book For
Introduction To Economics Social Issues And Economic Thinking
ISBN: 9780470574782
1st Edition
Authors: Wendy A. Stock
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