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1.You live in rural West Virginia and a company decides to frack for oil in the mountains around your town. This pollutes the water, creating

1.You live in rural West Virginia and a company decides to frack for oil in the mountains around your town. This pollutes the water, creating a negative externality.

a.Explain what this means and why it poses a problem.

b.Graph this situation and discuss the market and social equilibriums.

c.How might this problem be solved?

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