1.8 The following diagram represents the profit-maximizing price and output for a firm in a perfectly competitive...
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1.8 The following diagram represents the profit-maximizing price and output for a firm in a perfectly competitive industry with no externalities. Use this diagram to explain what will happen if the production of the product imposes external costs on society and these costs are not factored into production decisions.
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Related Book For 
Principles Of Microeconomics
ISBN: 9780691150093
13th Global Edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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