Question 1
A flu vaccine has an associated ________ externality. In the absence of government intervention, the quantity of flu vaccines purchased will be ________ the socially optimal quantity.
◦ positive; less than
◦ positive; more than
◦ negative; the same as
◦ positive; the same as
◦ negative; less than
Question 2
The diagram below shows the supply and demand diagrams for the competitive market for honey in one region. MC0 represents private marginal cost and MB0 represents private marginal benefit.
FIGURE 16-3
Refer to Figure 16-3. Assume there are two types of firms in this region-beekeepers that produce honey and orchard keepers that produce peaches. The bees provide a benefit to the orchard keepers by pollinating their peach trees. In the absence of any government intervention, the equilibrium price and quantity in the honey market are
◦ $7 and 80 kg.
◦ $5 and 60 kg.
◦ $5 and 100 kg.
◦ $11 and 80 kg.
◦ $9 and 60 kg.
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