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Question 3 (20%) a)Give an example of possible market failure within the housing system which might arise from interactive externalities (10%). b)Explain what the effect

Question 3 (20%)

a)Give an example of possible market failure within the housing system which might arise from interactive externalities (10%).

b)Explain what the effect of the market failure might be on demand, supply, and price of housing. Illustrate graphically (10%).

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