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For the next five questions, assume the production of steel creates an externality. The graph below shows the MPC (marginal private cost) and MSC (marginal

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For the next five questions, assume the production of steel creates an externality. The graph below shows the MPC (marginal private cost) and MSC (marginal social cost) associated with the production of steel. Also shown are the demand (MB) curve and the single price monopolist's marginal revenue (MR) curve. 18 15 MSC 9 MPC 3 MR MB=demand 0 6 9 12 18 Qsteel

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