If the private cost and social cost columns were reversed in exercise 3, what would be the result? Would too much or too little of the good be produced? How would the market failure be resolved, by a tax or by a subsidy?
Economics:
Economics:
If the private cost and social cost columns were reversed in exercise 3, what would be the result? Would too much or too little of the good be produced? How would the market failure be resolved, by a tax or by a subsidy?
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