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What does the concept of market power mean

Assignment:

(A) Read the Chapter: The Urban Public Sector

(B) Refer and pay attention to the professor's explanation of concepts referred to in this assignment.

Answer the Following Questions:

1. When thinking about 'How the Private Market is Supposed to Work,' what does the concept of 'allocative efficiency' mean?

2. What does the concept of 'market power' mean?

3. Why is pollution a 'negative externality?

4. Why is elementary and secondary school a 'positive externality?

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