EBK MICROECONOMICS
2nd Edition
ISBN: 9780134458496
Author: List
Publisher: VST
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Question
Chapter 9, Problem 13Q
To determine
The meaning of tragedy of commons with examples.
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why do externalities make market outcomes inefficient?
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The farmer takes the rancher to court and the judge decides putting up a fence is the farmer’s responsibility. What is the nature of the externality in this problem?
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- negative externality and positive externality means what and what is an example of each.arrow_forwardExternality is a problem that create market failure. How the externalities can be internalized to improve market efficiency?arrow_forwardWho is responsible for our current Tragedy of the Commons?arrow_forward
- What is an externality? How do they affect market efficiency? If an externality is present, where is the socially optimal point of production? Where will the market produce if there is no government intervention? How do we get from the private market equilibrium to the socially optimal one?arrow_forwardWhat is an externality? Provide two examples each of positive and negative externalities.arrow_forwardExplain the concept of externalities; include an example, as well as how the government takes action to correct it.arrow_forward
- If I neglect or refuse to cut the grass on my front lawn, what are the externalities involved? Suggest two ways the government might deal with this issue.arrow_forwardExplain what is meant by ‘The Tragedy of the Commons’. What are its implications and what policies might help to resolve this issue?arrow_forwardHow does the law address either the "Tragedy of the Commons", the free-rider problem, or pollution as an externality?arrow_forward
- Explain the difference between positive and negative externalities along with an example.arrow_forwardWhat is the concept of a negative externality in economics? A. A benefit received by individuals who did not incur the cost B. A cost incurred by individuals who did not receive the benefit C. A situation where external parties receive equal benefits and costs D. A situation where the government intervenes in the marketarrow_forwardWhich of the following is an example of an externality? (x) cigarette smoke that permeates an entire restaurant (y) a flu shot that prevents a student from transmitting the virus to her roommate (z) a beautiful flower garden outside of the local post office Select one or more: a. (x), (y) and (z) b. (x) and (y) only c. (x) and (z) only d. (y) and (z) only e. (y) onlyarrow_forward
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