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wrote...
Posts: 190
A month ago
Prices below the free market equilibrium price are inefficient because:

▸ no one can be made better off without hurting someone by participating in another transaction.

▸ all mutually beneficial transactions happen.

▸ more goods could be produced using society's resources.

▸ they prevent mutually beneficial transactions.
Textbook 
Microeconomics: Principles, Applications, and Tools
Edition: 8th
Authors:
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wrote...
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A month ago
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they prevent mutually beneficial transactions.
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