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1. If a perfectly competitive industry has negative externalities caused by production, then at the equilibrium level of market output P (Price) = MC (Marginal

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1. If a perfectly competitive industry has negative externalities caused by production, then at the equilibrium level of market output P (Price) = MC (Marginal Cost) = MSC (Marginal Social Cost) O P = MC and P = MSC P= MC and P > MSC P > MC and P = MSC None of the other options are correct

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