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What is the relationship between Pigovian taxes and market failure? How do Pigovian taxes internalize externalities? Suppose that we are able to identify that the

What is the relationship between Pigovian taxes and market failure? How do Pigovian taxes internalize externalities? Suppose that we are able to identify that the external cost of driving cars is $5,000. How can we use a Pigovian tax to internalize this external cost? I've been asked to use a graph to illustrate.

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