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(20 Points) 3. (a) Carefully distinguish between a public good and a private good and give an example of each. (b) Explain why public goods

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(20 Points) 3. (a) Carefully distinguish between a public good and a private good and give an example of each. (b) Explain why public goods are often inefficiently produced, the U.S. government's solution to this problem, and the challenges associated with the government's solution. (c) Should a profit-oriented business firm contribute to public goods in its market area? Why or why not

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