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Ensure that the market produced the optimal level

Question: A firm is producing output in a competitive market, where demand is

P = 24 - 2Q

The marginal private cost of production is equal to $4 and the marginal social cost is $2. Explain the nature of the market failure and derive the Pareto optimal level of output. How could the Government ensure that the market produced the optimal level?

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Macroeconomics: Ensure that the market produced the optimal level

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Macroeconomics: Ensure that the market produced the optimal level

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