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Question 5 1 pts (Figure; A Competitive Market in the Presence of Externalities) Use Figure: A Competitive Market in the Presence of Externalities, Given the figure, if a tax is imposed on sellers, the equilibrium price will and the equilibrium quantity will Price X Quantity per period Ofremain the same, decrease O increase, decrease O' remain the same; increase O increase, mercase D Question & 1 pts Suppose that city officials have set an emissions tax to reduce the amount of pollution going into the local river. Assume that the optimal tax would be $1,500 but that city officials have set the tax at $500, At the equilibrium with the $300 us O there will be too much pollution. the mar pinal social benefit of pollution will be greater than $300 the marginal social benefit of pollution will be less than $500 O the marginal social cost of pollution will be less than $500