Business, 29.11.2019 00:31 casandraserrat375

The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. the production of the 1,000th gallon of gasoline entails the following:

• a private cost of $3.10;
• a social cost of $3.55;
• a value to consumers of $3.70.

let q represent the number of gallons of gasoline and let p represent the price of a gallon of gasoline. which of the following statements is correct?

a. one point on the demand curve is (q = 1,000, p = $3.55).
b. one point on the social-cost curve is (q = 1,000, p = $0.45).
c. one point on the supply curve is (q = 1,000, p = $3.10).
d. the socially optimal quantity of gasoline is less than 1,000 gallons

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The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. the p...

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