Solved

Use the Following to Answer Questions: Table: Costs of Antibiotics

Question 231

Multiple Choice

Use the following to answer questions: Table: Costs of Antibiotics  Quantity of  Antibiotics  Marginal Benefit  to Buyers  Marginal Cost  to Sellers  External  Cost  Marginal Social  Cost 1$25$5$10?2$20$10$10?3$15$15$10?4$10$20$10?5$5$25$10?\begin{array} { c c c c c } \hline \begin{array} { c } \text { Quantity of } \\\text { Antibiotics }\end{array} & \begin{array} { c } \text { Marginal Benefit } \\\text { to Buyers }\end{array} & \begin{array} { c } \text { Marginal Cost } \\\text { to Sellers }\end{array} & \begin{array} { c } \text { External } \\\text { Cost }\end{array} & \begin{array} { c } \text { Marginal Social } \\\text { Cost }\end{array} \\\hline 1 & \$ 25 & \$ 5 & \$ 10 & ? \\2 & \$ 20 & \$ 10 & \$ 10 & ? \\3 & \$ 15 & \$ 15 & \$ 10 & ? \\4 & \$ 10 & \$ 20 & \$ 10 & ? \\5 & \$ 5 & \$ 25 & \$ 10 & ? \\\hline\end{array}
-(Table: Costs of Antibiotics) Refer to the table. The market equilibrium quantity is ________ and the efficient equilibrium quantity is ________.


A) 5; 1
B) 3; 4
C) 3; 2
D) 2; 5

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions