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Market Failure Currently, the State of Washington charges $.494 per gallon on gasoline at the...

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Accounting

Market Failure

Currently, the State of Washington charges $.494 per gallon on gasoline at the pump and the Federal Government charges $.184, for a combined per gallon tax of $.678. Do you think this tax is too high, too low, or just right?

negative externality; free-rider problem; and tragedy of the commons. These terms must be integrated into your answer and you must demonstrate that you understand the terms.

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