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- The figure below shows market demand, social demand and market supply. What is the optimal per-unit tax/subsidy that will make the market efficient? Price b C $3 d Market Supply $2 $1 Market Demand 20 40 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. à $1 tax $2 subsidy $3 subsidy $1 subsidy Social Demand QuantityRefer to the Figure. This graph represents the market for cigarettes. This market Price 34 32 30 28 26 24 Social Cost 22 20 Private Cost 18 16 14 12 10 8 4 2 Demand 200 500 600 Quantity has no externalities. would benefit from a tax. would benefit from a subsidy. has no need for government intervention.What is producer and consumer surplus AFTET tax?
- What is an external benefit? An external benefit is a benefit that OA. always equals external cost OB. experiences increasing marginal returns C. affects someone other than the buyer of a good OD. is greatest at the equilibrium pointFigure 1. The graph depicts the market for plastic containers. Price 16- 14- 12- 10 8- 6 200 500 650 Social Cost Private Cost Demand Quantity Refer to Figure 1. In order to reach the social optimum, the government could O offer a subsidy of $8 per unit on the production of plastic containers. O impose a tax of $8 per unit on the production of plastic containers. O offer a subsidy of $4 per unit on the production of plastic containers. O impose a tax of $4 per unit on the production of plastic containers.In economic term, COVID-19 vaccinations provide A. negative externality B. positive externality C. sunk costs D. waste
- 11. Compared to a good with no externalities, a good with a negative externality will appear to have experienced a OIncrease in Supply ODecrease in Supply Olncrease in Demand ODecrease in Demand at each corresponding price...Externalities: End of Chapter Problem In Chapter 6, we said that taxes create deadweight losses. When we tax goods with external costs, should we worry about deadweight losses? Why or why not? Any deadweight losses O should not conern us. Deadweight losses are the result of transactions that no longer occur and the problem with negative externalities is that too many transactions occur. O should concern us. If there is a negative externality associated with a good, the deadweight loss from a tax simply exacerbates society's welfare costs. from a tax are counter-productive. Why would we tax goods with negative externalities when the remedy for a negative externality is a subsidy? should concern us. Deadweight losses sound bad because they are bad; we should always avoid deadweight losses.Alcohol taxes that are used by government as an incentive for distillers and beer wholesalers to cut back on their alcohol sales which create external costs are called Sales taxes a. Marketable permits Ob. Subsidies C. Pigouvian taxes Od.
- Price (per pack) 11 10 9 8 7 -NW AS a 3 2 1 0 2 4 6 8 10 12 14 16 18 20 Quantity (millions of packs per year) DM DS If cigarettes are priced at $3 a pack. Instructions: Enter your responses as a whole number. a. what is the quantity demanded in the market? million packs per year b. what is the socially optimal quantity? million packs per year c. If the government were to Intervene and tax cigarettes, how large of a tax is needed per pack to achieve this optimal outcome?Some economists claim that early child care generates an external benefit to society. a. What is the market equilibrium? What is the socially optimal outcome? How do they differ? b. The government is planning to provide a per-unit subsidy for child care to achieve the socially optimal outcome. How large should this subsidy be? c. How much is the total government subsidy each month to reach a socially optimal outcome?Price Ssocial Sinternal $7.00 $6.00 $5.00 D $4.00 Dinternal 3,000 3,500 Quantity externality. In the market shown in the diagram above, there is a Select one: a. negative production b. negative consumption c. positive production d. positive consumption