Suppose that it is May 15, the day before the Econ 2 exam. You have a friend who has blown off the course entirely, knows nothing, but must take the exam on the morrow. It is your task to explain to them how it is that markets can fail to be optimal societal mechanisms for guiding production and distribution decisions. Use graphs and make arguments to try to equip your friend to pass the Econ 2 exam--but remember how little your audience knows, and how basic your explanations must be.
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