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Solve this multiple choice question This figure reflects the market for outdoor concerts in a public park surrounded by residential neighbourhoods. Price Social Cost Supply

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Solve this multiple choice question

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This figure reflects the market for outdoor concerts in a public park surrounded by residential neighbourhoods. Price Social Cost Supply (Private Cost) PA Po Demand Oo Quantity of Concerts Refer to the figure. Why is the social cost curve above the supply curve? It takes into account the external costs imposed on society by the concert organizers. Municipalities always impose noise restrictions on concerts in parks surrounded by residential neighbourhoods. O Concert tickets are likely to be resold at a higher price, making it more costly to attend the concert. Residents in the surrounding neighbourhoods get to listen to the concert for free

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