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Justify the statement. True/False
Externalily affect a third person which doesn't have any relation with the cause of it.
Step by step
Solved in 3 steps
- Identify a positive externalityMacmillan Learning Incorrect An externality is defined as: the effect of an activity undertaken outside a building rather than inside a building. an effect of market activity that impacts the opposite side of the market from the side whose decision caused the effect. a side effect of an activity that affects bystanders whose interests are not taken into account. the impact of an activity on buyers and sellers in the market where the activity takes place.Which of the following generate the type of externality previously described? Check all that apply. The city where you live has granted a permit to put a movie theater in your neighborhood, causing traffic jams at night and on weekends. A microbiology lab has published its breakthrough in swine flu research. Your roommate, Lucia, has bought a puppy that barks all day while you are trying to study economics. Eric has planted several trees in his backyard that increase the beauty of the neighborhood, especially during the fall foliage season.
- Explain the way or form of government intervention to solve the problem negative externalityGive an example of a negative externality that you have witnessed or are personally aware of. Who is affected by this? What can be done to improve the situation?What are externalities; and how the government can fix it
- I chose option D and got this wrong. I thought that when you had a positive externality The demand curve move to the right. Wouldn’t this mean that the level of output and the price would be greater than the free market ones? can you explain how my answer is wrong? What is correct?How would the owner respond to the negative externality caused by smokers?An externality is a private cost or benefit that results from the production or consumption of a good or service that is external to a market. refers to production or consumption that occurs outdoors. enhances market efficiency. is a benefit or cost that affects someone who is not directly involved in the production or consumption of a good or service.
