Explain the economic effects of spillover benefits

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Explain the economic effects of spillover benefits.

i. Explain why the market demand curve understates true demand and what happens next leading to the market failure. Explain the nature of the market failure.

h. Thoroughly and completely explain how spillover benefits are corrected and the economic implications of the corrections.

i. Explain the two approaches used to solve the spillover benefit problem and how they work to solve the problem.