Question

Q Internal Cost Social Cost P 100 $40 $60 $80 200 $50 $70 $70 300 $60 $80 $60 400 $70 $90 $50 500 $80 $100 $40 600 $90 $110 $30 The market equilibrium occurs where price is ________ and quantity is ________.

Answer 1

Based on the table, we can infer that the equilibrium price for the market would be $60 and the equilibrium quantity would be 300 units.

Where does the market equilibrium occur?

The market equilibrium would be at the point where the internal cost is equal to the price.

This point as shown on the table, is when the internal cost is $60.

The quantity at this point is 300 units which makes it the equilibrium quantity with a price of $60.

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