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Please answer the following questions: 1) Explain what is meant by negative externalities. 2) Describe how an over allocation of resources results when negative externalities

Please answer the following questions:

1) Explain what is meant by negative externalities.

2) Describe how an over allocation of resources results when negative externalities costs are present.

3) How this can be corrected by government action.

4)Solve the following using the graph:NegativeExternalities.pdf

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