An Externality Is

question 9

Multiple Choice

An externality is

• A)a cost to a party not involved in the production or consumption of a good
• B)a cost to a party involved in the production or consumption of a good
• C)a benefit to a party not involved in the production or consumption of a good
• D)both a and c

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Definitions:

Highly Automated

Systems or processes that operate with minimal human intervention, utilizing advanced technology and machinery for efficiency and precision.

Hand Labor

Work that is performed manually without the use of machines or automated processes.

Process-Focused

An approach that centers on improving and optimizing specific processes within an organization or project.

Repetitive Focus

A manufacturing strategy that involves producing the same product or service repeatedly in order to achieve efficiency and consistency.