Compare and contrast production efficiency and allocative efficiency. (4 points)When a forest is logged, it is possible for the logging to create “soil runoff,” a situation in which the soil, no longer protected by trees, erodes and silts a river downstream from the logging area. Is soil runoff created by logging in Montana that ruins a river an example of a private cost to the lumbering company or an external cost? Explain. (3 points)
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