In Figure 9.2, identify the market and optimal outcomes. Does the market under or overproduce public goods?
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FIGURE 9.2
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M (market outcome) X (optimal outcome) Markets underproduce public goods. PUBLIC GOODS (units per time period) PRIVATE GOODS (units per time period)
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The market tends to under produce public goods and overproduce private goods Expl...View the full answer
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