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Among the following items, ___ is external cost and ___ is private benefit. (...
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Among the following items, ___ is external cost and ___ is private benefit.
(I) The price you pay for a security system for your home
(II) The safety you enjoy as a result of having the security system
(III) The crime that is more likely to occur to your neighbour once a criminal sees a “Protected By Alarm” sticker on your window
(IV) The extra safety your neighbour might experience because criminals tend to stay away from neighbourhoods that have a lot of burglar alarms
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