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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Some individuals argue chat, with increased population growth, negative externalities will become more common and that there will be more instances of market failure and more need for government to solve externality problems. Other individuals believe that, as time passes, technological advances will be used to solve negative externality problems and that there will be fewer instances of market failure and less need for government to deal with externality problems. What do you believe will happen? Give reasons to support your position.

To determine

Explain the statement about the externality and how it will be corrected.

Explanation

An externality can be a benefit or cost, which means it may be positive or negative externality. When a cost is imposed on the third party who is not directly involved in an economic transaction, it is called negative externality. On the other hand, benefit conferred on the third parties who are not directly involved in an economic transaction is called positive externality.

Generally, the population growth causes negative externality...

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