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1]If a market hasa negative production externality,explain how the social equilibrium is different to the private market equilibrium? What policy can the government use to
1]If a market hasa negative production externality,explain how the social equilibrium is different to the private market equilibrium? What policy can the government use to correct the externality? (4 Marks)
2]. What sort of good is characterised as being rival and non-excludable? Give an example.(2 marks)
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