The surgeon general has determined that smoking causes cancer and heart disease for both smokers and passive smokers (nonsmokers who breathe smoke filled air). if cigarette prices are determined in a free market, which of the following will be true?
1. the price of cigarettes will be too low and the quantity sold will be too high
2. the price of cigarettes will be efficient but the quantity sold will be too high
3. the market will be efficient because markets always equate marginal benefits and marginal costs
4. the price of cigarettes will overstate the true social cost imposed on nonsmokers
Answers: 3
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The surgeon general has determined that smoking causes cancer and heart disease for both smokers and...
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