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Suppose government officials have set an emissions tax to

Suppose government officials have set an emissions tax to reduce pollution. Assume the optimal tax would be $1,500 but government officials have set the tax equal to $500. At the equilibrium with the $500 tax:

there will be too much pollution.
the marginal social cost of pollution will be less than $500.
the marginal social benefit of pollution will be less than $500.
the marginal social benefit of pollution will be more than $500.

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