Suppose that a firm is located along a river. The firm discharges sewage to the river, leading to a decline in the fish population downstream of the firm. If the firm does not have to pay for the damage to the downstream fish, for its output, the market equilibrium price will be ______________ and the market equilibrium quantity will be ______________.

Question

Answer

efficient; inefficiently low.

Answer

inefficiently low; inefficiently high.

Answer

inefficiently high; inefficiently low.

Answer

inefficiently high; inefficiently high.

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Suppose that a firm is located along a river. The firm discharges sewage to the ...

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