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(b) On a well-labeled graph, using the example from part (a), demonstrate the private value cure, the society value curve, the private cost curve, and
(b) On a well-labeled graph, using the example from part (a), demonstrate the private value cure, the society value curve, the private cost curve, and the social cost curve. In the absence of government intervention will the market achieve the optimal level of the good? Why or why not
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