Refer to the Article Summary. All else equal, if countries decide to enact protectionist measures against Chinese steel imports, the price of steel in those countries will ________ and the quantity of steel demanded in those countries will ________

There are four lighthouses on the island of Sand. If this is the efficient quantity of lighthouses, ________

A) the marginal social benefit of the fourth lighthouse equals its marginal social cost B) total social benefit is zero C) marginal social benefit minus marginal social cost is a maximum D) Both answers A and C are correct.

When externalities exist, economic efficiency is achieved when marginal private benefit equals marginal private cost

a. True b. False Indicate whether the statement is true or false