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What Are Externalities and Why Is Ronald Coase an Important

question 23

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What are externalities and why is Ronald Coase an important figure in economics?


Definitions:

Interactions

Refers to the mutual or reciprocal actions or influences among entities, individuals, or factors.

Positive

An adjective describing a beneficial, constructive, or affirmative quality or outcome.

Regular Basis

Occurring or done frequently and at uniformly spaced intervals.

Marry

The legal or formal union of two individuals as partners in a personal relationship, recognized and sanctioned by civil, religious, or social conventions.

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