PART B

Review Questions:

1. How do market prices coordinate the economic activity of millions of individuals?

2. What is a negative externality?

3. How does an externality indicate market failure?

4. How does market power or monopoly subvert the coordinating function of market

prices?

5. What is the tragedy of the commons?

This is political economics, university of Manitoba.

U can answer any questions, it's not a must to answer all. When answering pls indicate the part and serial number. Thank you

Pls make the answer 150 words each question