P 1201 110+ 100 90 80 70 8 60 8 8 8 40+ 30 820 10 05 10 15 20 25 The graph illustrates a market with a The external The market produces Q = O The socially optimal level of Q= = $ 30 35 40 45 PMC 50 55 + externality. *** D T 60 Q

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