-Exhibit N-3 depicts a market showing the demand curve for a good and two supply curves, one reflecting the industry's private costs; the other reflecting the costs of resources to society producing the good. It is clear from this representation of the market that the socially optimum price and output would be
A) $4.00 and 32
B) $4.00 and 24
C) $3.70 and 32
D) $3.70 and 24
E) $3.85 and 28

Question

-Exhibit N-3 depicts a market showing the demand curve for a good and two supply curves, one reflecting the industry's private costs; the other reflecting the costs of resources to society producing the good. It is clear from this representation of the market that the socially optimum price and output would be
A) $4.00 and 32 
B) $4.00 and 24 
C) $3.70 and 32 
D) $3.70 and 24 
E) $3.85 and 28

Quizplus · Accepted Answer

The Answer of 
-Exhibit N-3 depicts a market showing the demand curve for a good and two supply curves, one reflecting the industry's private costs; the other reflecting the costs of resources to society producing the good. It is clear from this representation of the market that the socially optimum price and output would be
A) $4.00 and 32 
B) $4.00 and 24 
C) $3.70 and 32 
D) $3.70 and 24 
E) $3.85 and 28

-Exhibit N-3 Depicts a Market Showing the Demand Curve for a Good