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- Why are externalities considered a sign of market failure?Externalities represent Group of answer choices the social cost associated with the production of a good or service. the costs added by third parties to the production of a good or service in a market. the costs or benefits received by third parties from the production activities in a market.Refer to the figure below. This graph describes a good that: Price ($/unit) A B C-- I Social MC Private MC F Quantity (units/day) Demand
- The socially optimal outcome is the outcome that: Select one: a. has the most externalities. b. is most efficient for society as a whole, including for buyers, sellers, and bystanders. c. has the most benefits for society as a whole, regardless of the costs involved. d. benefits the largest number of people.Macmillan 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.Give 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?
- Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine. Price (5/dose) 110T 100 90 80 70 60 50 40 30 20 10 0 0 25 50 75 100 125 150 175 200 225 250 Quantity (doses/day) The total social benefit of 75 doses is: D1 02Sulfur dioxide is a pollutant byproduct of nonrenewable electricity generation, resulting in a negative externality. The socially optimal level of sulfur dioxide emitted is less than that created by the market outcome, but not zero. more than that created by the market outcome. whatever the market creates. determined by firms.Select the factor that would be an example of a positive externality. a war in the Middle East impacting oil prices the construction of a new rail system that allows a factory to ship their products cheaper a trade war driving up steel prices for a U.S. automaker a drought that ruins a corn harvest
