3. If a good generates a negative externality, does the free market result in overproduction or underproduction of this good? (or is the amount produced "just right", i.e. allocatively efficient?) Explain. 4. How can government intervention into free markets correct for externalities? Explain and give examples for both positive and negative externalities. 5. What is a pure public good and how is it different from a private good? Which do free markets tend to produce efficiently? Which require the government to collect taxes and provide the good? Explain. Again, all answers should be submitted in a Word document file upload.

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