Solved: Market failing to produce the right amount of the good, Macroeconomics

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Market failing to produce the right amount of the good

Question:

When negative (or positive) externalities exist economists say that the market has failed to produce the right amount of the good at the right price. What do economist mean by this? How do they determine what the right amount of the good is?

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Macroeconomics: Market failing to produce the right amount of the good

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Macroeconomics: Market failing to produce the right amount of the good

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