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- Question Completion Status: The market below has an externality. Which area represents the total cost or benefit of the externality if Qo units are produced and consumed? A H D. MSB Q (If you can't see the graph or want to see a larger version then click here.) O C+E Он O F+G O A+B+D1) People who live on the edge of small lakes sometimes have break walls constructed on their property by the shore. A break wall is typically a vertical column of wood or concrete that prevents high water levels from covering part of the owner's property, reducing the size of the beach, and/or eroding the yard. However, several communities have restricted property owners from building break walls. What is one reason for that? Hint: Think about potential externalities of building a break wall. (Short answer) 2)When are quantity restrictions not the same as price restrictions (via taxes)? Describe one situation in which the government would be better off imposing quantity restrictions than setting a tax and explain why quantity restrictions are better in that case. (Short answer)Which one or ones of the following is/are an example (or examples) of positive externality? I. A shoe factory manufactures shoes at a river coast without restriction and local residents become ill due to polluted water. II. An architect designs a house for herself to live in lonely. III. A company pays lots of money for research and development and general level of knowledge within society increases along with new production techniques to manufacture cheaper and quality goods. IV. An apartment manager puts a disinfectant against Covid19 at entrance for residents and Cargo workers also use it. * Only IV I and II None of them O , Il and IV All of them O IIl and IV I and II Il and III O I,l and II Il and IV O I, Ill and IV
- What is an external benefit? An external benefit is a benefit that OA. always equals external cost OB. experiences increasing marginal returns C. affects someone other than the buyer of a good OD. is greatest at the equilibrium point1. List some of the ways that the problems caused by externalities can be solved without government intervention.Externalities Do you think that there would be external effects associated with Water from a uranium mine leaking into Kakadu National Park? If so, what would be the nature of the external effects? Can you think of policies that might deal with each external effect (that is, improve social wellbeing)?
- a. When a firm imposes an external social cost (negative externality), the government should impose a tax on production equal to the externality cost to ensure that the market will achieve the socially optimal outcome. Select one: True False b. The socially optimal level of emissions of most pollutants is zero. Select one: True False c. Externalities are only inefficient when they impose a cost. They are not inefficient when they bestow a benefit. Select one: True FalseWhich of the following are examples of negative externalities? A. Reduced spread of COVID-19 and other infectious diseases from people physically distancing and wearing masks. B. Unsightly oil rigs offshore from Santa Barbara, diminishing the quality of the view for beachgoers and coastal homeowners. C. Reduced incidence of the common flu stemming from more people obtaining flu shots during the Fall. D. Reduced crime rates stemming from rapid economic growth and reduced unemployment. E. High gas prices caused by rapid demand growth in China. F. Job losses associated with a factory closure in the United States, because a factory was opened in Mexico to replace it. G. Noise from traffic on a busy street. H. Light pollution from cities making it more difficult for observatories to view distant stars. I. Noise pollution eminating from windmills on the North Shore of Oahu. J. Pollution emissions from power plants.Describe a situation where you experienced a positive or negative externality or free-riding by you or someone else. Why are these situations problematic?
- Need some helpNote:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.If people took external benefits, such as cleaner air, into consideration when deciding how much to consume of goods that cause externalities: I. they would consume less II. they would act in a way that is optimal from a societal perspective. III. the markets for these goods would generate greater surplus. Multiple Choice II and II only I,II, and II I and II only I and III only
