Negative externalities lead to inefficient overproduction

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a) Using an example explain why negative externalities lead to inefficient overproduction and discuss one way government can ensure a more efficient outcome.

b) Discuss using an example what are public goods and why does it lead to a free rider problem.

c) Why is fishing in the ocean, where there are no well-defined property rights, a concern regarding our ability to ensure sustainable use of our fishing stock? Research what is being done in New England coastal fisheries to ensure sustainable cod fishing.

Reference no: EM13984376

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