The diagram illustrates positive and negative externalities arising from production and consumption. Which row correctly identifies the production and consumption externality when economic welfare is maximised?
- Aposition of economic welfare: X; production externality: negative; consumption externality: negative
- Bposition of economic welfare: Y; production externality: positive; consumption externality: negative
- Cposition of economic welfare: X; production externality: negative; consumption externality: positive
- Dposition of economic welfare: Y; production externality: positive; consumption externality: positive