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assume the production of steel creates an externality. The graph below shows the MPC (marginalprivate cost) and MSC (marginal social cost) associated with the production

assume the production of steel creates an externality. The graph below shows the MPC (marginalprivate cost) and MSC (marginal social cost) associated with the production of steel. Alsoshown are the demand (MB) curve and the single price monopolist's marginal revenue (MR) curve.

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18 15 MSC 9 MPC 3 MR MB=demand 0 6 9 12 18 Qsteel

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