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. Externalities exist in both panels. After correcting for the externalities the prices should be
Definitions:
Sex
denotes the biological differences between male and female organisms, particularly concerning reproductive functions.
Symbols
Objects or figures that represent or stand for an idea, belief, or action, serving as a means of communication that conveys meaning beyond their literal sense.
Arbitrary
Based on random choice or personal whim, rather than any reason or system.
Cross-Cultural
Pertaining to or comparing the cultural practices, beliefs, and phenomena of different societies, aiming to understand the diversity and commonalities among cultures.
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