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1.Distinguish between demand-side and supply-side market failures and the kinds of externalities that are created by each. 2.Identify the characteristics of public goods and explain
1.Distinguish between demand-side and supply-side market failures and the kinds of externalities that are created by each.
2.Identify the characteristics of public goods and explain how they differ from private goods.
3.Explain the assumptions outlined in the Coase Theorem.
4.Describe how government's power to coerce can be economically beneficial
5.Explain some of the difficulties associated with managing and directing the government
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