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What is the difference between private and social costs

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Question: Answer the following questions:

1. What is the difference between private and social costs?

2. How can the government intervene to force consumers to internalize external costs associated with: a. negative externalities? b. positive externalities?

3. Differentiate between a public good and common resources.

4. Would a tax on prescriptions drugs be more likely to be progressive or regressive? Why?

5. What finances the majority of federal spending?

Reference no: EM132640996

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