Negative Externalities Fill your answers to questions 48 - 52 in the table below using the following graph representing the market for corn in America. Corn production produces nitrogen and phosphorous runoff that generates negative impacts in our nation's waterways. The x-axis represents quantity of corn (in billions of bushels) produced per year and the y-axis is the price per bushel. Marginal Social Costs (MSC) Marginal Private Costs F (MPC) G E D H IK - - -4- - - C A M N Demand Q1 Q2 Quantity (billions of bushels) Socially Optimal Equilibrium Market Equilibrium 48. Equilibrium Price & Quantity 49. Consumer Surplus 50. Producer Surplus 51. External Costs 52. Net Benefits