The existence of externalities is proof of one of the ten principles of economics: that markets...

The existence of externalities is proof of one of the ten principles of economics: that markets are a good way to organize economic activity.

true/false

Expert Solution

Rahul Sunny answered 2 years ago

The existence of externalities can lead to inoptimal equilibrium if the markets are left to themselves....

The existence of externalities can lead to inoptimal equilibrium if the markets are left to themselves. Based on your understanding of externalities, first, explain negative and positive externalities. How can the government intervene in order to assure a socially optimal equilibrium? Remember to contextualize, define, exemplify, and illustrate relevant concepts.

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