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Installing fire-extinguishers in a house helps protect life and property from fire in the house. In addition, it can prevent fire from spreading to the

Installing fire-extinguishers in a house helps protect life and property from fire in the house. In addition, it can prevent fire from spreading to the neighbourhood and also help protect the houses in the neighbourhood.

Describe and explain with a market diagram for fire-extinguisher why the market equilibrium quantity is not socially optimal. Suggests one method to restore efficiency in the fire-extinguisher market.

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