Describe what is happening at step 1 in the figure below.
Definitions:
External Benefits
Advantages that accrue to individuals or society indirectly participating in an economic transaction or activity.
Market Outcome
The result of all buyers' and sellers' interactions in a market, determined by factors like price, quantity, and quality of goods and services.
External Costs
External costs, also known as negative externalities, are the costs experienced by third parties who are not involved in an economic transaction, often not reflected in market transactions.
Market Price
The market price at which you can currently buy or sell a service or asset.
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