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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What does it mean to internalize an externality?

To determine

Explain the concept of internalizing the external cost.

Explanation

The spillover of costs to the third party other than the immediate market participants is known as external cost. Internalizing external cost means adjusting the private cost by considering the external cost...

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