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Question 5 The Figure below shows a market with an externalitv. The market equilibrium output of Q2 is not the sociallv optimal level of output.

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Question 5 The Figure below shows a market with an externalitv. The market equilibrium output of Q2 is not the sociallv optimal level of output. The sociallv optimal level of output is 11 . Refer to the Figure. What does Curve X represent? Price 0 CI. I32 Quantity 0 the social cost curve. (i) the social value curve. C: the private value curve. C) the private cost curve

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