Figure 2 reflects the market for outdoor concerts in a public park surrounded by residential neighborhoods. These concerts can get a little loud and increase traffic in the area. Price Social Cost Supply (Private Cost) C P1 e Po Demand Qo Q1 Quantity of Concerts The social cost curve is above the supply (private cost) curve because O it takes into account the effect of local noise restrictions on concerts in parks surrounded by residential neighborhoods. O it takes into account the external costs imposed on society by the concert. O concert tickets are likely to cost more than the concert actually costs the organizers. residents in the surrounding neighborhoods get to listen to the concert for free