When Products That Create Positive Externalities Are Produced, at the Market

question 24

True/False

When products that create positive externalities are produced, at the market equilibrium output, the social benefit generated by consuming the product exceeds the private benefit.

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Definitions:

Private Law

The branch of law that deals with the relationships between individuals or organizations, as opposed to public law which deals with the state.

Prosecution

The legal party responsible for presenting the case in a criminal trial against an individual accused of breaking the law, typically representing the government.

Legal Positivism

A school of thought in jurisprudence that holds that laws are rules made by human beings and that there is no inherent or necessary connection between law and morality.

Historical School

A philosophy of law that emphasizes the evolutionary nature of law, focusing on the origins, cultural contexts, and historical development of legal systems.