Question: Answer each question Question 3 3 pts Consider the following table, showing the inverse demand and supply schedules for a good in a competitive market:

Answer each question

Question 3 3 pts Consider the following table, showing the inverse demand and supply schedules for a good in a competitive market: Marginal Private Utility and Cost Marginal Marginal Quantity (private) (private) Utility Cost 0 NA NA 1 $20 $4 2 $16 $7 3 $12 $10 4 $8 $13 5 $6 $15 Answer: Given the above, what is the quantity | [ Choose ] O that maximizes social surplus? If there is an external cost of $3 per O [ Choose | unit produced, what is the quantity that maximizes social surplus? If there is an external cost of $10 per O [ Choose | unit produced, what is the quantity that maximizes social surplus? If there is an external cost of $20 per O [ Choose | unit produced, what is the quantity that maximizes social surplus? If there is an external benefit of $4 O [ Choose | per unit produced, what is the quantity that maximizes social surplus? If there is an external benefit of $7

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