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Answer True or False for each. 1. Negative pecuniary externalities are not market failures 2. In a common property grazing problem, the open access outcome
Answer True or False for each.
1. Negative pecuniary externalities are not market failures
2. In a common property grazing problem, the open access outcome is the number of cows grazed for which revenues per cow equal the cost per cow
3. The tragedy of the commons idea of Garrett Hardin generally does not apply to problems based on the utility users gain from using a common property or open access resource
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