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1. Explain the 'efficiency' ideal (free market outcome) - see if you can include a graph! 2, Analyze why the free market fails in case

1. Explain the 'efficiency' ideal (free market outcome) - see if you can include a graph! 2, Analyze why the free market fails in case of negative externalities (in other words, what are the weaknesses of the 'efficiency' ideal)? Provide an example, and try to include a graph (model). 3. What are the main criteria for well-defined property rights

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