Refer to the accompanying table,where Q represents the quantity produced,internal cost and social cost are given for various quantities,and P represents the price consumers are willing to pay for various quantities,to answer the following questions.

-The social optimum occurs where price is ________ and quantity is ________.

Question

Refer to the accompanying table,where Q represents the quantity produced,internal cost and social cost are given for various quantities,and P represents the price consumers are willing to pay for various quantities,to answer the following questions.
 
-The social optimum occurs where price is ________ and quantity is ________.

Quizplus · Accepted Answer

The social optimum occurs where the marginal social benefit equals the marginal social cost. In this case, the marginal social benefit is $70 and the marginal social cost is $50. Therefore, the social optimum occurs where price is $70 and quantity is 200.

Refer to the Accompanying Table,where Q Represents the Quantity Produced,internal