(a) Which cost includes third-party costs: private costs or social costs? (b) Which are nonrivalrous: public goods or private goods? (c) In the case of a product creating a negative externality, with the product's supply curve reflecting private costs be to the left or right of the supply curve reflecting social costs?

(a) Which cost includes third-party costs: private costs or social costs? (b) Which are nonrivalrous: public goods or private goods? (c) In the case of a product creating a negative externality, with the product's supply curve reflecting private costs be to the left or right of the supply curve reflecting social costs?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section: Chapter Questions

Problem 3QR

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