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1) Explain what is meant by negative externalities. 2) Describe how an over allocation of resources results when negative externalities costs are present. 3) How

1) Explain what is meant by negative externalities.

2) Describe how an over allocation of resources results when negative externalities costs are present.

3) How this can be corrected by government action.

4)Solve the following using the graph; Calculate the cost borne to society at equilibrium?

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