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17. When an externality is present, the market equilibrium is a. efficient, and the equilibrium maximizes the total benefit to society as a whole. b.

17. When an externality is present, the market equilibrium is

a.

efficient, and the equilibrium maximizes the total benefit to society as a whole.

b.

efficient, but the equilibrium does not maximize the total benefit to society as a whole.

c.

inefficient, but the equilibrium maximizes the total benefit to society as a whole.

d.

inefficient, and the equilibrium does not maximize the total benefit to society as a whole.

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