Question 1 Define an externality. Distinguish a negative externality from a positive externality, and give one...

Question 1

Define an externality.

Distinguish a negative externality from a positive externality, and give one example of each.

What is meant by a production externality as opposed to a consumption externality?

Give one example of a negative production externality and one of a positive consumption externality.

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Expert Solution

Rahul Sunny answered 1 year ago

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