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Question
What is the externality in the market for alcohol? Draw a market diagram for alcoholic beverages, including private and social cost curves and private and social value curves. Identify the market equilibrium quantity, the socially optimal quantity, and the deadweight loss associated with the externality. What policies do governments use to try to eliminate the externality associated with drinking.
DRAW PICTURE PLUS STEP BY STEP HOW TO DRAW IT
Draw a market diagram for alcoholic beverages, including private and social cost curves and private and social value curves.
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