When goods are traded in competitive markets

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1. Explain why externalities prevent the attainment of efficiency when goods are traded in competitive markets. What kind of information must be gathered in order to internalize an externality?

2. What are the essential differences between pure public goods and pure private goods? What are two examples of goods sold by governments in markets, and what are two examples of partially public goods that are produced and sold by private firms for profit.

Reference no: EM132077904

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