Give an Example of an External Cost and Explain Why

question 57

Essay

Give an example of an external cost and explain why the outcome is inefficient.

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Definitions:

Joy

A feeling of great pleasure and happiness.

Affection

A feeling of fondness or liking.

Idea

A thought or suggestion as to a possible course of action or a conceptualization of something not yet reality.

Positive Emotions

Feelings that are generally good or beneficial, such as happiness, joy, and contentment, which can enhance well-being and relationships.