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3. Which of the following factors are possible causes of market failures ? a.There exists an externality such as pollution or education. b.A single person

3. Which of the following factors are possible causes of market failures?

a.There exists an externality such as pollution or education.

b.A single person or firm holds large market power.

c.In addition to efficiency, the society is trying to meet other goals such as fairness, equity, national security, etc.

d.All of the above.

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