"Suppose all five ranchers know that Mariana has $3 million to spend on their land and they also know that their land that Mariana needs is worth a total of $2 million. Each rancher believes that one or more of the other ranchers will settle for less than the maximum value of their land and therefore each decides to ask Mariana to pay $750,000 for their parcel of land. The logical outcome in this situation is for the railway , and the benevolent social planner is ."

C. Not to be built; unhappy

Explanation:

The benevolent social planner is an individual who is a decision maker, who attempts to achieve the best. He is an all knowing, all powerful well intentioned decision maker that wants to maximize the economic well being of everyone in the society. In this case, the benevolent social planner is unhappy because the railway is not built. The rail way is not being built because the amount asked on the land is more than what Mariana is willing to pay.

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