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In the argument for why perfect competition is allocatively efficient, the price people are willing to pay represents the gains to society and the marginal cost to the firm represents costs to society

In the argument for why perfect competition is allocatively efficient, the price people are willing to pay represents the gains to society and the marginal cost to the firm represents costs to society. Can you think of some social costs or issues that are not included in the marginal cost to the firm? Or some social gains that are not included in what people pay for a good?

May 06 2021 View more View Less

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