Question: Question 1 part A Explain how aviation's impact on climate change may be construed as an example of market failure. Question 1 part B

Question 1 part A Explain how aviation's impact on climate change may be construed as an example of market failure. Question 1 part B Draw the marginal abatement cost (MAC) and marginal external cost (MEC) curves and explain their slopes. Clearly label the X and Y axis in your diagram. Explain the purpose of this model using concepts such as ceteris paribus and fallacy of false cause.

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