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. Explain the two causes of market failures. Given their definitions, could a market be af

. Explain the two causes of market failures. Given their definitions, could a market be af

. Explain the two causes of market failures. Given their definitions, could a market be affected by both types of market failures simultaneously?

2. Use the ideas of consumer surplus and producer surplus to explain why economists say competitive markets are efficient. Why are below- or above-equilibrium levels of output inefficient, according to these two sets of ideas?

Abhinav 05-Dec-2019

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