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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).Explain how the legal concept of intellectual property can help address the positive externalities related to innovation. What other policy tools are available to encourage innovation
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