Assume that production of a good imposes external costs on others. The equilibrium price will be ____ and the equilibrium quantity ____ for efficient resource allocation

Supply Schedule

What will be an ideal response?

If two countries participate in free trade:

A) every individual in each country will benefit. B) both countries as a whole may gain from the trade. C) one country will benefit, but the other country will experience reduced welfare.. D) neither country will benefit.