Question: 1. When thinking about 'How the Private Market is supposed to Work,' what does the concept of 'ALLOCATIVE efficiency' mean? 2. What does the concept

1. When thinking about 'How the Private Market is supposed to Work,' what does the concept of 'ALLOCATIVE efficiency' mean?
2. What does the concept of 'market power' mean?
3. Why is pollution a 'negative externality?'
4. Why is elementary and secondary school a 'positive externality?'

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