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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Give an example of a negative externality and a positive externality. Explain why market outcomes are inefficient in the presence of these externalities.

To determine
Effect of externality.

Explanation

The classic example of an externality is pollution. The production of goods emits pollutants in the environment, which lead to different kinds of pollution like air pollution, water pollution, and so forth. These pollutions cause health problems for people who live near the production area...

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