Suppose that the market for marijuana is shown in the graph, where MC (private) represents the private
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Suppose that the market for marijuana is shown in the graph, where MC(private) represents the private supply curve and MC(social) represents the social supply curve and reflects the full social marginal costs of production. MB(social) is the demand curve and represents the private and social marginal benefits of marijuana production. From an efficiency standpoint, the socially optimal level of production is ______ounces per week at a price of per_______ ounce.
a. 450; $2,750
b. 400; $2,000
c. 400; $2,500
d. 450; $2,250
e. 400; $2,250
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The socially optimal level of production is the level of production where the social marginal benefi...View the full answer
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