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QUESTION 6 On a piece of scratch paper, draw a diagram in price-quantity space displaying the market demand curve (D), the industry supply curve (S),
QUESTION 6 On a piece of scratch paper, draw a diagram in price-quantity space displaying the market demand curve (D), the industry supply curve (S), and the industry marginal social cost curve (MSC) in a competitive market comprising polluting firms. You may work out your answers to the questions below with reference to the diagram. a) (2) Under what assumptions does the marginal social benefit curve (MSB) coincide with the market demand curve
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