Exhibit 8-2 
-Refer to Exhibit 8-2. Which of the following observations is correct?
A) The equilibrium at P2 and Q2 is inefficient.
B) From society's standpoint, Q1 is the efficient level of output.
C) The social opportunity cost is above the demand curve at Q1.
D) The equilibrium at P1 and Q1 is efficient.
Correct Answer:
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