Answers
Answer
Option 1
True cost supply curve is the social cost supply curve and the firm's supply curve is the privat cost supply curve
where
the form of the supply curve is
P=a+bQ .......... a can be - or +
a private cost supply curve is the same
a social cost supply curve is
=private cost supply curve + per unit external cost
=P+EC
=a+bQ+EC
so the y-axis intercept goes up as we add the external cost and that shifts the curve to up it means the social cost or true cost supply curve is above the firm's supply curve
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