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- 46.In long-run equilibrium, the marginal social cost exceeds the marginal private cost, but the marginal social benefit is equal to the marginal private benefit. This describes which of the following markets? Oligopoly with no externalities Monopoly with perfect information Perfect competition with a positive externality Perfect competition with a negative externality Perfect competition with asymmetric information28. If Firm B is polluting the water used by Firm A and the law allows Firm B to do so, what is one way Firm A could stop Firm B?1. The Flores article is critical of the direction that the charter school movement has taken in recent years. One of the arguments against the "privatization of public education" is that education is a "public good." What is a public good? A public good is "nonexcludable," meaning that the benefits may be enjoyed by those who do not pay for it. A public good is a free good. A public good is a good that is funded by the government. A public good is a good that is consumed in public.
- 10. A local drama company proposes a new neighborhood theater in San Francisco. Before approving the permit, the city planner completes a study of the theater's impact on the surrounding community. a. One finding of the study is that the theaters attract traffic, which adversely affects the community. The city planner estimates that the cost to the community from the extra traffic is $5 per ticket. What kind of an externality is this? Why? b. Graph the market for theater tickets, labeling the demand curve, the social-value curve, the supply curve, the social-cost curve, the market equilibrium level of output. Also show the per-unit amount of the externality. c. Upon further review, the city planner uncovers a second externality. Rehearsals for the plays tend to run until late at night, with actors, stagehands, and other theater members coming and going at various hours. The planner has found that the increased foot traffic improves the safety of the surrounding streets, an estimated…2 The market for education confers positive externalities on society. Which of the following is an example of a positive externality that it provides? Higher quality of public institutions like government and law Subsidies for providing education Higher salary for the person earning a degree More colleges and universities X OOOO W F2 3 16 80 F3 E 888 FA R DE F % V T MacBook Air 6 Y B & 7 H tv NA 2 N 8 K M 0 W Aa zoom 041. Which of the following describes a situation where the marginal social cost is greater than the marginal private cost at equilibrium? Oligopoly Monopoly Positive externality Allocative efficiency Market inefficiency 42. A market in which private businesses do not pay all of the production costs themselves represents a ________ and will produce ________ than the socially optimal quantity. negative externality; less negative externality; more positive externality; more positive externality; less natural monopoly; less
- The following table shows how the marginal benefit of a service varies for five consumers. Quantity 1 Serkan Asuman Bahar Murat Meriç 3 100 75 50 125 200 4 75 50 25 125 150 150 125 100 200 600 a. Derive the demand curve for this service assuming that it is a public good. If marginal cost of the good is 850, what is the efficient output of the public good? c. If marginal cost of the good is 425, what is the efficient output of the public good? d. If marginal cost of the good is 850, what is the efficient output assuming it is private good? 125 100 75 150 400 o.16. Why do governments grant patents and copyrights for some goods? What determines how long governments ideally should let them last? Explain your logic.#8. If government regulation forces firms in an industry to internalize the externality, then we can expect the equilibrium price of the good to ________ and the equilibrium quantity to ________. a. increase; increase b. increase; decrease c. decrease; decrease d. decrease; increase e. increase; remain unchanged
- firms matter for efficiency? Explain. 9. There are three industrial firms in Happy Valley. Cost of Reducing Pollution by 1 Unit Initial Pollution Firm Level A 30 units $20 40 units $30 C 20 units $10 The government wants to reduce pollution to 60 units, so it gives each firm 20 tradable pollution permits. a. Who sells permits and how many do they sell? Who buys permits and how many do they buy? Briefly explain why the sellers and buyers are each willing to do so. What is the total cost of pollution reduction in this situation? b. How much higher would the costs of pollution reduction be if the permits could not be traded? AnswersThe following data refers to the number of logging operations working in a stretch of tropical rainforest per week. Excluding externalities, the private cost of a logging operation is $25 thousand per week. Logs sell for $1 a piece. Fill in the chart below. # of operations total harvest average harvest average revenue marginal harvest marginal revenue marginal profit 0 0 1 40 2 75 3 105 4 130 5 150 6 165 7 175 8 180 What is the number of logging operations in the forest that maximizes total profit? How much total resource rent is generated at this level of harvest? With open access to the forest, how many folks will wind up logging? With open access, will there be any resource rent earned by the loggers? Suppose the total externalities associated with deforestation could be valued at $10,000 per operation. What is the efficient number of operators? What is the open…Which of the following statements about externalities is correct? a. Education is the standard example used to illustrate a negative externality. b. Externalities caused by the use of the product itself are often a result of competitive pressures to bring the product to market fast. c. Promoting vigorous competition, through the enforcement of the antitrust laws, is the most effective way to reduce externalities. d. All of the above are correct. e. Both a and b are correct. f. Both a and c are correct. g. Both b and c are correct. h. None of the above is correct.
