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Market failure in the form of externalities arises when not all costs and benefits are included in the prices of goods. ( )

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The tragedy of the commons is the overuse of a common resource relative to its economically efficient use. ( )

One economically efficient way to eliminate the tragedy of the commons is to prevent anyone from using the resource. ( )

When the marginal product of labor falls, the marginal cost of output rises. ( )

Economists assume that the goal of the firm is to maximize total revenue. ( )

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