The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the 1,000h gallon of gasoline entails the following: a private cost of $3.10 * a social cost of $3.55; a value to consumers of $3.70 Refer to Scenario 10-1. Let Q MARKET represent the equilibrium quantity of gasoline, and let Q OPTIMUM represent the socially optimal quantity of gasoline. Which of the following inequalities is correct? Oa. QOPTIMUM < MARKET < 1,000 O b. OOPTIMUM 1,000 QMARKET C. 1,000QOPTIMUM < OMARKET d. QMARKET< 1,000< QOPTIMUM QUESTION 10 Table 11-2 Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family's willingness to pay for each streetlight. Number of The Brown Family The Greene Family The Black Family Streetlights $340 $480 $420 1 380 260 400 2 3 160 260 340 4 40 130 240 0 50 100 0 20 6 0 Refer to Table 11-2. Suppose the cost to install each streetlight is $900 and the families have agreed to split the cost of installing the streetlights equally. If the residents choose to install the number of streetlights that will maximize total surplus from the streetlights, how much total surplus will the Greene family receive? Oa. $0 O b.$60 c. -$40 Od. $40