a. Evaluate the statement by the economist: “Prices in the U.S. are artificially low. You’re not paying the costs of pollution, and that is why China is an environmental catastrophe.” (Hint: the economist has identified a type of market failure.)

a. Evaluate the statement by the economist: “Prices in the U.S. are artificially low. You’re not paying the costs of pollution, and that is why China is an environmental catastrophe.” (Hint: the economist has identified a type of market failure.)

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