Externalities Are Created When Parties Not Involved in an Economic

question 216

True/False

Externalities are created when parties not involved in an economic transaction are affected by it.

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Definitions:

Natural Justice

The principle that ensures fair treatment in legal and administrative decisions, including the right to a fair hearing and the rule against bias.

Successful Negotiation

The process of reaching a mutually beneficial agreement through discussion and compromise.

Business Relationship

A connection between two or more parties engaged in commercial transactions or activities.

Negotiation

The process of discussing and arriving at a mutual agreement between parties with the intent to reach a settlement or resolve differences.