Hedges around fields encourage wildlife and bring widespread benefits but many farmers choose to have wire fences instead.
Which one of the following best describes the resulting failure in the market for hedges?
1 )
The social optimum output is greater than the free market output because the private benefit is greater than the social benefit.
The social optimum output is greater than the free market output because the private benefit is less than the social benefit.
3 )
The social optimum output is less than the free market output because the private benefit is greater than the social benefit.
4 )
The social optimum output is less than the free market output because the private benefit is less than the social benefit.
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