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Question 1. Externality a. What is externality? b. Why can't efficient distribution be achieved in case of positive externality? Explain graphically with an example.

Question 1. Externality a. What is externality? b. Why can't efficient distribution be achieved in case of positive externality? Explain graphically with an example. c. Why efficient distribution cannot be achieved in case of negative externality? Explain graphically with an example. d. Give two examples of government policies that can be used to prevent externalities. Explain how efficient distribution can be achieved.

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