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A company is manufacturing output in a competitive market, where demand is
P = 24 - 2Q
The marginal private expense of production is equal to $4 and the marginal social cost is $2. Describe the nature of the market failure and derive the Pareto optimal level of output. How could the Government ensure that the market produced the optimal level?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9311036

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