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Consider the market for paper. Suppose that a paper factory dumps toxic waste into a nearby river, creating a negative extern

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1100 990 Social Cost 880 O 770 660 O Supply (Private Cost) PRICE (Dollars per ton of paper) 550 . 0 440 Demand (Private Value

blank 1: 4.5

Blank 2: 3.5

Blank 3: tax

Blank 4: 220

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