Consider an economy which is heavily dependent on  tourism.  To boost tourist revenue, the government  has decided to reclaim the sea to build a theme park  at the coastal area.  This has resulted in sea  pollution, reduces the fish stock and threaten the  livelihoods of fishermen in the vicinity. (a)Describe the type of externality exist in the  scenario. Explain with a suitable diagram and  highlight the area of the efficiency loss. (b)Explain the remedial action to rectify the  externality problem.

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