SOLVED

Use the table below to answer the following questions. Table 15.3.1 11) Refer to Table 15.3.1. The table shows marginal private benefit and the marginal social benefit from flu vaccinations and the marginal social cost of vaccination production. If production is left to the private market, the quantity produced is A) 1 unit. B) 2 units. C) 3 units. D) 4 units. E) 5 units. 12) Refer to Table 15.3.1. The table shows marginal private benefit and the marginal social benefit from flu vaccinations and the marginal social cost of vaccination production. If production is left to the private market, the market price is A) $70 a unit. B) $60 a unit. C) $50 a unit. D) $40 a unit. E) $30 a unit. 13) Refer to Table 15.3.1. The table shows marginal private benefit and the marginal social benefit from flu vaccinations and the marginal social cost of vaccination production. If production is left to the private market, then at the profit-maximizing output level, marginal A) social cost equals marginal private benefit. B) private cost is less than marginal private benefit. C) social cost is less than marginal private benefit. D) social cost is greater than marginal private benefit. E) social benefit is less than marginal private benefit. 14) Refer to Table 15.3.1. The table shows marginal private benefit and the marginal social benefit from flu vaccinations and the marginal social cost of vaccination production. If production is left to the private market, then A) an efficient quantity is produced. B) imposing a tax leads to production of the efficient quantity. C) too many vaccinations are produced. D) a system of pollution permits leads to production of the efficient quantity. E) an inefficient quantity is produced. 15) Refer to Table 15.3.1. The table shows marginal private benefit and the marginal social benefit from flu vaccinations and the marginal social cost of vaccination production. An efficient quantity is produced if the government A) subsidizes production by $20 per unit. B) subsidizes production by $10 per unit. C) provides vouchers for vaccinations of $20 per unit. D) taxes production by $10 per unit. E) either A or C. Â Â