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

When thinking about 'How 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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