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Question 2 a. Draw a well-labeled graph to illustrate the existence of a negative externality like...

Question 2 a. Draw a well-labeled graph to illustrate the existence of a negative externality like pollution. b. Why do we say a negative externality causes free markets to fail? c. List three, and discuss one, of the weaknesses of “command-and-control regulation” as a means to dealing with an externality like pollution. d. List no less than three, and discuss one, of the market-oriented tools for internalizing externalities

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