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1			Which of the following statements is correct regarding an unregulated competitive market?
			A)	Its price of P1 would be lower than a price that included all externalities.
			B)	Its price of P1 would be higher than a price that included all externalities.
			C)	Its price of P2 would be higher than a price that included all externalities.
			D)	Its price of P3 would be lower than a price that included all externalities.
			E)	Its price of P4 would be lower than a price that included all externalities.

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2			Which of the following statements is true if external costs are recognized but external benefits are not?
			A)	The price would be P1.
			B)	The price would be P2.
			C)	The price would be P3.
			D)	The price would be P4.

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3			Compared with the ideal quantity, which of the following statements is correct regarding an unregulated competitive market?
			A)	It would be overproducing at quantity Q1.
			B)	It would be underproducing at quantity Q2.
			C)	It would be overproducing at quantity Q2.
			D)	It would be overproducing at quantity Q3.
			E)	It would be underproducing at quantity Q4.