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Question: 1. What is the free rider problem and how does society can overcome the free rider problem? Give at least two examples. 2. What

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1. What is the free rider problem and how does society can overcome the free rider problem? Give at least two examples.

2. What is the difference between private and social cost? Provide an example and explain in details.

3. Give an example and explain in detail the differences between social and private benefits.

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