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Instructions: True or False and explain in detail why your answer is correct. 1. Consider the statement: When a market is in equilibrium, the socially

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Instructions: True or False and explain in detail why your answer is correct. 1. Consider the statement: "When a market is in equilibrium, the socially efficient quantity of the good is being produced." Is this statement true, or false? Explain, and evaluate the prevalence of the conditions in various markets that support your position. (SBS1, SBS5)

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