An Externality Is an Activity That Imposes Involuntary Costs or Benefits

question 36

True/False

An externality is an activity that imposes involuntary costs or benefits on others, or an activity whose effects are not completely reflected in its market price.

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Definitions:

Feedforward Control

A management technique involving the collection and analysis of performance information in advance of an event to anticipate and prevent potential problems.

Concurrent Control

A management function that involves monitoring and adjusting activities and processes in real-time to ensure they meet desired standards.

Normal Faulting

Normal faulting occurs when the crust is extended and a rock mass is displaced downward along a fault plane relative to another rock mass, due to tensional forces.

Regional Elevation

The average height of a specific area above sea level, which can influence climate, weather patterns, and habitat types.