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Joe doesn't sell or buy cigarettes, and he never has. But because his parents have smoked his whole life, he has problems with his lungs and heart. Joe is therefore affected by the market for cigarettes even though he isn't part of that market. This situation, according to lecture, O indicates that Joe is not being rational O requires a laissez-faire approach O means the market for cigarettes is out of equilibrium O is one where government intervention in the market might help

Joe doesn't sell or buy cigarettes, and he never has. But because his parents have smoked his whole life, he has problems with his lungs and heart. Joe is therefore affected by the market for cigarettes even though he isn't part of that market. This situation, according to lecture, O indicates that Joe is not being rational O requires a laissez-faire approach O means the market for cigarettes is out of equilibrium O is one where government intervention in the market might help

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Joe doesn't sell or buy cigarettes, and he never has. But because his parents have smoked his whole life, he has problems with his lungs and heart. Joe is therefore affected by the market for cigarettes even though he isn't part of that market. This situation, according to lecture, O indicates that Joe is not being rational O requires a laissez-faire approach O means the market for cigarettes is out of equilibrium O is one where government intervention in the market might help MacBook Air 吕口 F3 >> F5 F6 F7 F8 F9 $ & 4 5 8 R Y U F G J K 6
Transcribed Image Text:Joe doesn't sell or buy cigarettes, and he never has. But because his parents have smoked his whole life, he has problems with his lungs and heart. Joe is therefore affected by the market for cigarettes even though he isn't part of that market. This situation, according to lecture, O indicates that Joe is not being rational O requires a laissez-faire approach O means the market for cigarettes is out of equilibrium O is one where government intervention in the market might help MacBook Air 吕口 F3 >> F5 F6 F7 F8 F9 $ & 4 5 8 R Y U F G J K 6
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