1, a. What do we mean in economics when we describe an outcome as inefficient?b. Briefly explain in your own words why monopoly or oligopoly are considered to be less efficient than perfect competition.2, a. Briefly define the term externality.b. Use the graph found below to explain why economists prefer emissions taxes and tradeable emissions permits over environmental standards.a. Briefly define the term externality.
red
b. Use the graph found below to explain why economists prefer emissions taxes and tradeable emissions permits over
environmental standards.
17
(a) Environmental Standards
slon
(b) Emissions Tax
Marginal
benefit to
individual
polluter
Marginal
benefit to
individual
polluter
$600
мво
5600 MB
| MB,
300
S8
MBA
TA
Tg
200
SA
150
Emissions
tax
0
0
200
400
Environmental
standard forces
both plants to
cut emissions
by half.
300
600 Quantity of
pollution
Without government emissions
action, each plant (tons)
emits 600 tons.
A has a lower marginal
benefit of pollution and
reduces emissions
by 400 tons.
600 Quantity of
pollution
emissions
(tons)
8 has a higher marginal
benefit of pollution and
reduces emissions by only
200 tons.

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