An Externality Is an Example of a Market Failure

question 227

True/False

An externality is an example of a market failure.

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Definitions:

ABCDE Rule

A guideline for assessing the severity of sunburn and the potential for skin cancer, highlighting Asymmetry, Border irregularity, Color variations, Diameter, and Evolving size or shape.

Melanoma

A type of skin cancer that develops from the pigment-producing cells known as melanocytes, often characterized by the uncontrolled growth of abnormal skin cells.

Melanocytes

Cells located in the skin and hair follicles that produce melanin, giving skin, hair, and eyes their color.

Melanin

A pigment produced by melanocytes in the skin, hair, and eyes, responsible for coloration and protection against ultraviolet light.