In this plot we model a possible scenario for Australia's energy market. On the horizontal axis we have the quantity of energy, and on the vertical axis its price. P Pa Pb Pc Qa Qb Qc If there were no externalities the welfare maximizing quantity would be Pa [Select] Qa Qb while [Select] Pb Qc Pc None of the above None of the above and cost to society. However, this model describes the presence of a externality in [Select] [Select] Qa Qb Qc None of the above externality was fully internalized through a corrective tax equal to would be [Select] Consumption Production [Select] lower than the same as higher than Demand (private value) Supply (private cost) Social Value Social Cost then the new market price would be [Select] Qa Qb Qc None of the above and the deadweight loss is [Select] . Therefore, the welfare maximizing quantity is Zero the orange area the green area the blue area None of the above would reflect the true benefit without the corrective tax. [Select] Pa Pb Pc None of the. above and society's welfare would be Positive Negative Neither a positive nor negative [Select] V Pa-Pb Pb-Pc Pa-Pc. None of the above the new market quantity . If the