Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 10.1, Problem 1QQ
To determine

Effect of externality.

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Explain the difference between a positive externality and a negative externality. Can both types of externalities result in market failure? Why or why not?
Give an example of a positive and negative externality.  Explain why market outcomes are inefficient in the presence of these externalities.
Explain the concept of an externality. Explain and show graphically how externalities lead to market failure and an inefficient allocation of resources.
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