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Callicia Question 1 (20 points) What is an externality [5] Which Nobel laureate suggested that under a set of certain conditions, no regulation would be

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Callicia Question 1 (20 points) What is an externality [5] Which Nobel laureate suggested that under a set of certain conditions, no regulation would be needed to restore efficiency in a market affected by an externality?[5] Very briefly explain which conditions are these. [10]

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