Some climate activists are cooling on a carbon tax It is one of the most popular plans among economists, but a carbon tax is increasingly out of favor among left-wing climate activists, who are pushing for a Green New Deallong dash100 percent of energy in the United States produced by clean, renewable, and zero-emission sources. Source: Washington Post, May 1, 2019 Draw a graph of the U.S. market for energy to compare the effects of a carbon tax and a Green New Deal if the marginal cost of energy from renewables is less than the marginal social cost of energy from carbon sources. Question content area bottom left Part 1 The graph shows the market for energy when there is no carbon tax. Draw a point that shows the market equilibrium. Label it 1. Energy production creates emissions pollution, and the quantity of emissions increases as the amount of energy produced increases. Draw the marginal social cost curve and label the curve MSC. Draw a point at the efficient market outcome. Label it 2. Now suppose the government places a carbon tax on energy equal to the marginal external cost at the efficient quantity of energy production. Draw an arrow