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  • In democratic societies, government representatives and officials are meant to carry out the wishes of the _____________. #431
  • Which of the following is NOT an argument to support free trade? #432
  • One of the problems with using some types of selected protection arises because of the possibility of retaliation by other countries using _____________policies. #433
  • Any situation that deviates from the explicit or implicit assumptions of perfect competition leads to market__________________. #434
  • A ___________ consists of two firms operating in a market. #435
  • Large importing countries and large exporting countries have a market ______________ present. #436
  • ____________ production externalities occur when production has a beneficial effect in other markets in the economy. #437
  • __________ consumption externalities occur when consumption has a beneficial effect in other markets in the economy. #438
  • A first-best equilibrium occurs in a perfectly competitive market when ________ imperfections or distortions are present. #439
  • A second-best equilibrium arises whenever a market includes one or more ____________. #440
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