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In this blog, post responses to the discussion prompts below. Your response must be substantive with at least 100 words.

• Define benefit      and cost externalities. Explain why situations involving benefit      externalities tend to result in an under-allocation of society’s scarce      resources, and why situations involving cost externalities tend to result      in an over-allocation of society’s scarce resources.
• Describe      some of the types of intellectual property and why it is appropriate for      the government to regulate intellectual property.