Question: 1. List and explain the three ways in which there can be market failure. 2.Define externalityand distinguish between positive and negative externalityand their impact on

1. List and explain the three ways in which there can be market failure.

2.Define externalityand distinguish between positive and negative externalityand their impact on production, using examples where possible.

3. How can a government correct for positive and negative externalities ?

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