When an external cost exists in the production of a good, firms tend to
A) under-produce the good since society pays these costs.
B) over-produce the good.
C) keep production constant throughout the year.
D) under-allocate resources to the production of the good.
Question 2
Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
A) 200.
B) 275.
C) more than 275.
D) impossible to be determined given the information.
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