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Contrast private benefits from social benefits, the difference in which constitutes a positive externality. Why do private markets routinely underproduce goods with social benefits? Graph
Contrast private benefits from social benefits, the difference in which constitutes a positive externality. Why do private markets routinely underproduce goods with social benefits? Graph a market that includes a positive externality, shading in the deadweight loss that would result from a private market decision alone (make sure to label your axes)
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