oblem 5 plain why moving from the market equilibrium to the social equilibrium achieves social ciency but does not remove the externality. In answering this question you may use from any vious examples any graphs, numbers, etc., but you must incorporate definitions and erpretations of the appropriate concepts to demonstrate understanding. Remember, a graph hot an explanation but the representation of an explanation.
oblem 5 plain why moving from the market equilibrium to the social equilibrium achieves social ciency but does not remove the externality. In answering this question you may use from any vious examples any graphs, numbers, etc., but you must incorporate definitions and erpretations of the appropriate concepts to demonstrate understanding. Remember, a graph hot an explanation but the representation of an explanation.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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