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30 August, 10:26

When external benefits are significant: market output is too high. market output is too low. market output is at the efficient level. social surplus is maximized?

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  1. 30 August, 10:40
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    External benefits are more significant when market output at the efficient level. So if anyone ignores the external benefits and only focuses on private benefits, this may lead to market quantity getting low and also the social surplus might get to its minimum.
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