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Question 33 2 pts pts When the price of a can of olives is $1.50, the quantity demanded is 900 cans per month. When the price increases to $1.80, the quantity demanded decreases to 850. Using the midpoint method, the price elasticity of demand (in absolute value) is 0 5.7 O 18.2 0 3.2 O 0.31 Question 34 2 pts The difference between social cost and private cost is the O loss in profit to the seller as the result of a negative externality. O external cost of an externality. O cost reduction when the negative externality is eliminated. O cost incurred by the government when it intervenes in the market