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Question Two: Environmental Economics a) Define (3 marks each) i. Externalities ii. Social costs iii. Public good iv. Free rider problem v. Market failure b)

Question Two: Environmental Economics

a) Define (3 marks each)

i. Externalities

ii. Social costs

iii. Public good

iv. Free rider problem

v. Market failure

b) Explain the problems faced by the firm when providing a Collective Solution to a Collective Action Problem (10 marks)

25 Marks

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