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Question 2 (a) Identify the type of market failure, explain why it occurs and provide a solution (0) An auto repair shop convinces you that

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Question 2 (a) Identify the type of market failure, explain why it occurs and provide a solution (0) An auto repair shop convinces you that you need a $20,000 valve job when all you need is an oil change. (ii) Everyone in the neighbourhood would benefit if an empty lot were turned into a park but no entrepreneur will come forward to finance the transformation (ii) A barking dog in the backyard

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