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When an externality is present, the market equilibrium is O efficient, and the equilibrium maximizes the total benefit to society as a whole. O inefficient,

When an externality is present, the market equilibrium is O efficient, and the equilibrium maximizes the total benefit to society as a whole. O inefficient, but the equilibrium maximizes the total benefit to society as a whole. inefficient, and the equilibrium does not maximize the total benefit to society as a whole. O efficient, but the equilibrium does not maximize the total benefit to society as a whole

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