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Suppose that electricity producers create a negative externality equal to $6 per unit. Further suppose that the government imposes a $8 per-unit tax on the producers. What is the relationship between the after-tax equilibrium quantity and the socially optimal quantity of electricity to be produced?
Fitness for a Particular Purpose
An implied warranty that goods will meet the specific needs of the buyer, as known by the seller at the time of purchase.
Merchant
A person or company involved in wholesale trade, especially one dealing with foreign countries or supplying merchandise to a particular trade.
Implied Warranty
An implied warranty is a legal assumption in sales that the goods sold meet certain quality and reliability standards, even if not expressly stated.
Express Warranty
A clearly stated promise or guarantee made by a seller that a product will meet certain standards of quality and reliability.
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