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Efficiency and Market Failure

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Efficiency and market failure (2)

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Efﬁciency and market

failure
At an output of 40, the marginal cost of the good is £6, but at this output,
consumers would be willing to pay a price of £15. The price (which reflects the
good’s marginal utility) is greater than marginal cost – suggesting
under-consumption. If output increased and price fell, society would benefit from
enjoying more of the good.

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