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When a market is in equilibrium, quantity demanded will equal quantity supplied. ( )

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If Japan can produce each unit of steel using fewer resources than Canada does, Japan has an absolute advantage in steel production.

The supply curve for the monopolist does not exist. ( )

Corrective taxes cause deadweight losses. ( )

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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