A)Give the Definition of "Externality" and Indicate Why Externalities Can

question 142

Essay

a)Give the definition of "externality" and indicate why externalities can result in a failure to achieve equality between social marginal cost and social marginal benefit.Demonstrate your answer with a graph showing external costs.
b)What are the 3 reasons why governments decide to provide quasi-public good?

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Definitions:

Working Subgroup

A smaller team formed within a larger group or project team, tasked with handling specific aspects or tasks of the overall project.

Pre-Packed

Refers to items that are packaged before being sold, often for convenience, hygiene, or preservation purposes.

Demographic Characteristics

Measurable features of an audience that can be counted objectively: age, education level, income, etc.

Psychographic Characteristics

Attributes relating to the personality, values, attitudes, interests, or lifestyles of individuals or groups, used especially for market segmentation.