Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter30: Market Failure: Externalities, Public Goods, And Asymmetric Information
Section30.1: Externalies
Problem 1ST
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Externality refers to the spillover effect of an economic activity on third part which is not involved in production or consumption.
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