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Find v Price S = Marginal cost Competitive p E 3 market price 4 D = Marginal value Q2 Quantity Consider the above graph of a perfect competitive market, answers the following questions: 1. Is output at Q1 allocation allocation efficiency? Explain Answer: Fo 2. Is Output at Q2 allocation efficient? Explain 4 Answer: 3. Is output at Q* allocationefficient? Explain. He Answer: 4. Identify allocation efficient quantity if the there is negative or positive externality