A-LevelEconomicsMarket FailureFeb/Mar 2019Paper 3 Q171 Mark
The diagram shows the market for a good that creates a negative externality in production and no positive externalities. The current level of consumption is OQ₁. [Diagram showing price and quantity axes; S₁, S₂, S₃, S₄ curves (S₁=MPC, S₂=MSC=MPC+MEC); D=MPB=MSB curve; price levels P₁, P₂, P₃, P₄ and quantity levels Q₁, Q₂, Q₃, Q₄; points V, W, X, Y, Z indicated]
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