Give the Definition of "Externality" and Indicate Why Externalities Can

question 13

Essay

Give the definition of "externality" and indicate why externalities can result in a failure to achieve equality between social marginal cost and social marginal benefit. Demonstrate your answer graphically with a negative externality.

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Definitions:

Ganglia

Collections of neuron cell bodies outside the central nervous system.

Neuroglia

Structures that function as support cells for other neurons, including astrocytes, microglia, and oligodendrocytes; also called neuroglial cells.

Ascending Track

In neuroscience or anatomy, it typically refers to nerve pathways that move up from the spinal cord to the brain.

Cerebellum

A major part of the brain located at the back of the skull that is responsible for coordinating voluntary movements and maintaining balance and posture.