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True or False and provide explanation for each: 1) The price of the nth good on the supply curve tells you the cost of producing
True or False and provide explanation for each:
1) The price of the nth good on the supply curve tells you the cost of producing the first n goods. 2) If a good does not produce any externalities, then any economically efficient allocation must also be technically efficient. 3) If individuals paid all of their own medical costs, banning smoking in public places would eliminate the negative externality of smoking.
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