Which of the following situations exhibits a positive externality? __ Alan purchases a new watch as a gift for his father. __ Sean spends the afternoon cleaning his garage. __ Richard renovates a dilapidated historic home in the center of town.   b. when there is a positive externality associated with the market __ too little is produced. __ too much is produced. __ the socially optimal amount is produced.   c. Governments may stimulate the economy to move toward the socially optimal output by __ taxing the product __ subsidizing the product. __ implementing a price ceiling.

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