In this plot we model a possible scenario for Australia's energy market. On the horizontal axis we have the quantity of energy, and on the vertical axis its price. Pa Demand (private value) Pb Supply (private cost) Pc ----- Social Value Social Cost Qa Qb Qc If there were no externalities the welfare maximizing quantity would be [ Select ] , while [ Select ] would reflect the true benefit and cost to society. However, this model describes the presence of a [ Select ] externality in [ Select ] . Therefore, the welfare maximizing quantity is [ Select ] and the deadweight loss is [ Select ] v . If the externality was fully internalized through a corrective tax equal to [ Select ] then the new market price would be [ Select ] v, the new market quantity would be [Select ] and society's welfare would be [Select ] without the corrective tax