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

question 142

Essay

a)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 with a graph showing external costs.
b)What are the 3 reasons why governments decide to provide quasi-public good?

Understand the types and functions of sensory receptors.

Identify the pathways and structures involved in sensory and motor processing.

Recognize the specialization of cranial nerves in sensory and motor functions.

Explain the role of central nervous system structures in integrating sensory input and coordinating motor output.

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Definitions:

Contractual Obligations

Duties that a party is legally required to perform as specified in a contract, failure of which may lead to legal consequences.

Immediate Delivery

The rapid transfer of goods or securities from seller to buyer without delay.

Sales Commissions

Payments made to salespersons, which are typically a percentage of the sales they generate.

Contract Price

The total monetary amount agreed upon in a contract for the sale of goods or services.