Suppose the market for oranges is perfectly competitive and unregulated.Suppose also that the chemicals used to keep the oranges insect-free damage the environment by an estimated $1 per bushel of oranges.Suppose Q_D = 1000 - 100P and Q_S = -100 + 100P.The total dollar value damage to society is A)400 B)450 C)500 D)550

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The Answer of Suppose the market for oranges is perfectly competitive and unregulated.Suppose also that the chemicals used to keep the oranges insect-free damage the environment by an estimated $1 per bushel of oranges.Suppose Q_D = 1000 - 100P and Q_S = -100 + 100P.The total dollar value damage to society is A)400 B)450 C)500 D)550

Suppose the Market for Oranges Is Perfectly Competitive and Unregulated