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Outline and briefly explain the major elements of the

Here is one question from my ECO 325 Industrial Organization class:

Outline and briefly explain the major elements of the standard used to evaluate industrial performance from the perspective of societal welfare. Based on this standard, rank order the following industries from best to worst. Do not justify your ranking for all seven industries, however explain your reasoning for selecting the industry with best and the industry with worst performance.

a. Agriculture

b. Petroleum

c. Electricity

d. Cigarette

e. Beer

f. Automobile

G. Banking

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