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1. Explain the factors affecting the Elasticity of Demand. 2. Explain the difference between positive and negative externalities along with an example. 3. How are

1. Explain the factors affecting the Elasticity of Demand.

2. Explain the difference between positive and negative externalities along with an example.

3. How are public goods different from private goods?

4. Explain the Law of Supply.

5. With regard to demand and Supply, explain the point of Market Equilibrium.

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