The US government recently raised its estimate of the social damage from greenhouse gases such as carbon
Question:
a. Will the new higher estimate of social cost imply a higher or lower efficient quantity of steel?
b. Will the new higher estimate of social cost imply a higher or lower level of the Pigouvian tax required to lead to the efficient level of steel?
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a This is an example of a negative externality in production The e...View the full answer
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