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10 cards from this deck
When free markets fail to optimally allocate resources
Cost/benefit affecting third parties outside transaction
Private cost + external cost
Private benefit + external benefit
Cost incurred directly by firm or consumer
Cost imposed on third parties not reflected in market prices
Benefit received directly by individual/firm
Benefit society receives beyond the individual
Overproduction - more than socially optimal quantity produced
Under-consumption - less than socially optimal quantity consumed
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