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Imagine two different societies, one where the supply of murderers is very elastic while the supply of trespassers is very inelastic, and one where the
Imagine two different societies, one where the supply of murderers is very elastic while the supply of trespassers is very inelastic, and one where the reverse is true (the supply of murderers is very inelastic and the supply of trespassers is very elastic). From the perspective of a society that wants to minimize social loss by making choices about p and f, we would prefer to live in the first society rather than the second.
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