Pollution is a form of market failure called a negative externality.
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Q37: A market failure occurs when
A)a market equilibrium
Q38: A monopolist that price discriminates
A)produces too much
Q39: In a single-price monopoly market
A)total benefit (the
Q40: Firms produce too little output
A)when tort laws
Q41: Left to itself,a natural monopoly will produce
A)nothing
B)the
Q43: Suppose that Pat has the legal right
Q44: A natural monopoly,left to itself,
A)will take over
Q45: Suppose that Pat has the legal right
Q46: One way that natural monopolies are typically
Q47: A market failure in the form of
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