Concept Question 1.5 E Question Help The graph to the right depicts the U.S. textile industry in competitive equilibrium. The 100- curve MEC shows the marginal external cost of production that is not...

Extracted text: Concept Question 1.5 E Question Help The graph to the right depicts the U.S. textile industry in competitive equilibrium. The 100- curve MEC shows the marginal external cost of production that is not currently reflected in the market price. 90- 1.) Using the line drawing tool, draw the marginal social cost curve. Label it 'MsC. 80- 70- 2.) Using the point drawing tool, indicate the socially efficient level of output and price. Label it 'E' Carefully follow the instructions above, and only draw the required objects. S=MC 60- 50- 40- 30- 20- MEC 10 0- 50 100 150 200 250 300 36o 400 450 500 Industry Output