The graph below illustrates a market for cigarettes. Price of cigarettes $10 $8 $7 1 1 Marginal social cost Marginal private cost 120 180 Demand Quantity of cigarettes (millions of packs) A. Does the graph suggest that there are positive or negative externalities associated with cigarettes? B. Find the equilibrium price and quantity. C. What is the socially optimal quantity? D. According to the graph, what is the marginal external cost of a pack of cigarettes?

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