✅ The verified answer to this question is available below. Our community-reviewed solutions help you understand the material better.
Suppose that a company runs coal refining business in North eastern part of China. Its factory emits poisonous gases into the air, leading to a decline in air quality in the surrounding area. If the firm does not have to pay for the emission of pollution, for its output, the market equilibrium price and the market equilibrium quantity will respectively be