Question 1
Refer to the information provided in Figure 16.3 below to answer the question(s) that follow.
Refer to Figure 16.3. If the firm maximizes profits and the government ________, it will produce 20 units of output.
◦ establishes a price floor of $6
◦ establishes a price ceiling of $8
◦ requires it to take damages into account
◦ does not require it to take damages into account
Question 2
Refer to the information provided in Figure 16.3 below to answer the question(s) that follow.
Refer to Figure 16.3. At 15 units of output there are external ________ per unit.
◦ costs of $0
◦ benefits of $2
◦ costs of $6
◦ benefits of $8
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