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Exhibit 5A-3
-Refer to Exhibit 5A-3. Calculate the maximum quantity of good Y and the maximum quantity of good X that the consumer can purchase if the price of good Y is $3 and the price of good X is $5.
Market
A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange.
No Externality
A situation where private costs or benefits are equal to social costs or benefits, with no spillover effects on third parties.
Market
An arrangement or venue where parties engage in exchange of goods and services.
Positive Externality
A benefit that is enjoyed by a third-party as a result of an economic transaction or activity in which they did not directly participate.
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