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Unformatted text preview: of consuming the vaccinations. z The market produces less than the efficient amount of vaccinations and there is no incentive for producers and consumers to alter their behavior. Chapter 3 - Supply and Demand: An Introduction Slide 81 Markets and Social Welfare In these markets z Buyers and sellers are behaving rationally z Market equilibrium exists z There are no unexploited opportunities for individuals z Economic surplus is not maximized...
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This note was uploaded on 02/20/2012 for the course ECON 202 taught by Professor Brightwell during the Spring '08 term at Texas A&M.
- Spring '08