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1.In each of the following situations, explain whether an externality is present. a.The volume of e-mail spam has grown exponentially in the last 5 years.

1.In each of the following situations, explain whether an externality is present.

a.The volume of e-mail spam has grown exponentially in the last 5 years.

b.A husband and wife who have put off buying a house suddenly find themselves priced out of the market by rocketing real-estate prices.

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