A shift from S₁ to S₂ reflects the change that happens when a negative externality is taken into account. A shift from D₁ to D₂ reflects the change that happens when a positive externality is taken into account.
-Refer to the above figures. A positive externality exists that has not been corrected. Price and quantity will be
Definitions:
Checks
Written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or named party.
Bearer Instrument
An instrument payable to cash or to whoever is in possession of the instrument.
Commercial Paper
An unsecured, short-term debt instrument issued by corporations, typically used for the financing of accounts receivable, inventories, and meeting short-term liabilities.
Delivery
The process of transporting goods from one place to another or the act of transferring the possession of something.
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