An External Benefit Is a Benefit from an Activity That

question 33

True/False

An external benefit is a benefit from an activity that falls on a third party which is not involved in the activity.

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Definitions:

Demand

The consumers' willingness and ability to purchase goods or services at a given price.

Instrument

A formal document, such as a contract, will, or security, that legally records a right, obligation, or transaction.

Good Faith

The honest intention to act without taking an unfair advantage over another party, based on the belief that others will similarly act honestly.

Altered

Changed, modified, or adjusted from the original state or form.