There is a coin flip game where the participant wins $2,000 if the coin comes up heads and loses $1,000 if the coin comes up tails. Assume a fair coin is used. Select the statement that BEST describes this game. Group of answer choices A risk averse person would pay less than $500 to play this game. A risk seeking person would be willing to pay more than $500 to play the game. The expected value of the game is that the participant wins $500. A risk neutral person would be willing to pay $500 to play this game. All statements are true.

Answerquantity supplied of steel will increase;

The marginal social cost of producing it exceeds the marginal (private)cost of producing it; ; ;

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