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Question text Use the following figure to determine market equilibrium, social optimum, and whether the graph represents a negative externality or positive externality: In the

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Use the following figure to determine market equilibrium, social optimum, and whether the graph represents a negative externality or positive externality:

In the essay box below, answer the following two questions. Please make sure to number your answers.

4. Refer to Figure 2. The market equilibrium quantity is

5. Does this represent a positive externality or negative externality and why?

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