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Which of the following is valid for a first-best world? Multiple Choice Price (P) = Buyer's Private Marginal Benefit (MB) = Seller's Private Marginal-Cost (MC)

Which of the following is valid for a "first-best" world? Multiple Choice Price (P) = Buyer's Private Marginal Benefit (MB) = Seller's Private Marginal-Cost (MC) = Social Marginal Cost (SMC) = Social Marginal Benefit (SMB) O Social Marginal Benefit (SMB) > Social Marginal Cost (SMC) O Social Marginal Benefit (SMB) > Price (P) = Buyer's Private Marginal Benefit (MB) = Seller's Private Marginal Cost (MC) = Social Marginal Cost (SMC) O Social Marginal Cost (SMC) > Price (P) = Buyer's Private Marginal Benefit (MB) = Seller's Private Marginal Cost (MC) = Social Marginal Benefit (SMB)

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