A shift from S1 to S2 reflects the change that happens when a negative externality is taken into account. A shift from D1 to D2 reflects the change that happens when a positive externality is taken into account.
-Refer to the above figures. Which of the panels would be consistent with the situation in which external costs exist?
Definitions:
Compensate Victim
The act of providing restitution or payment to a person who has suffered harm or loss as a result of another's action.
Breach Of Contract
The violation of any terms or conditions within a legally binding agreement.
Punish Offender
The process or act of imposing a penalty on an individual or entity for breaking the law or rules.
Negligent Person
An individual who fails to take reasonable care, resulting in harm or injury to another person or to property.
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