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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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M10 - Practice Quiz

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1. a Pareto improvement 2. the outcome is Pareto efficient 3. marginal cost 4. f the government sets price equal to marginal cost, the monopoly will go out of business 5. they might allow the firms involved to dominate the market and act as a legalized cartel (monopoly)