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In: Economics

Governments are in the business of providing information to potential buyers. The first serious provision of...

Governments are in the business of providing information to potential buyers. The first serious provision of information on the health consequences of tobacco use appeared in the United States Report of the Surgeon General in 1964. (a) How would you represent this intervention in a supply and demand for tobacco diagram? Draw a graph to compare the outcomes before and after the intervention. (b) Did this intervention correct a market failure? Briefly explain.

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Rahul Sunny answered 9 months ago
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