Accessible description: The figure indicates price and cost…
Accessible description: The figure indicates price and cost on the y-axis (dollars per ton of steel) and quantity on the x-axis (tons of steel per week). The demand curve slopes downward, and four points lie along the demand curve (0, 200) (2, 150), (4, 100) and (8, 0). The Marginal Social Cost curve slopes upward, and two points lie along the MSC curve (0, 100) and (2, 150). The Marginal Cost curve is upward sloping, and three points lie along the MC curve (0, 0), (2, 50) and (4, 100). The MSC and the MC intersect the demand curve at (2, 150) and (4, 100) respectfully. The demand curve is also labeled the marginal social benefit curve, and the supply curve is also labeled the marginal cost curve. f1q13g1.jpg The above figure shows the marginal benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external ________ of ________ per ton.