Impact of external costs and external benefits

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Reference no: EM131060532

Question:

(a) Illustrate and explain using a diagram, the impact of external costs and external benefits on resource allocation;

(b) Why are public goods not produced in sufficient quantities by private markets?

(i) The Judicial system Yes/No

(ii) Pencils Yes/No

(iii) The quarantine service Yes/No

(iv) The Great Wall of China Yes/No

(v) Contact lenses Yes/No

Reference no: EM131060532

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