Question $5(1$ point$)$

Scenario $10-1$

The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the $200$th gallon of gasoline entails the following:

a private cost of $$3\mathrm{.}03$;

a social cost of $$3\mathrm{.}23$;

a value to consumers of $$3\mathrm{.}39.$

Refer to Scenario $10-1.$ Let $Q$ represent the number of gallons of gasoline and let $P$ represent the price of a gallon of gasoline. Which of the following statements is correct?

One point on the social$-$cost curve is $)=200,P=($$$0\mathrm{.}20.$

One point on the supply curve is $)=200,P=($$$3\mathrm{.}03.$

One point on the demand curve is $)=200,P=($$$3\mathrm{.}23.$

The socially optimal quantity of gasoline is less than $200$ gallons.