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For an output level below 03, the value of a unit to a buyer is Y the cost of a unit to a seller. Suppose
For an output level below 03, the value of a unit to a buyer is Y the cost of a unit to a seller. Suppose a rm that produces for this market is able to dump toxic chemicals into a river next to its factory, which poisons wildlife and harms the health of nearby residents who have no business with the company. This scenario is characterized by Y , which is an example of Y
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