An Externality Is Defined as

question 36

Multiple Choice

An externality is defined as

• A)the revenue generated by a firm in the external market
• B)a byproduct of a good or activity that affects someone not immediately involved in the transaction
• C)an additional cost of consumption that is borne by a third party
• D)a cost or benefit arising from price changes
• E)the value of a good or service to a consumer

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Definitions:

Heritable

Traits or characteristics that can be passed from parents to their offspring through genes.

Self-efficacy

An individual's belief in their own capability to execute behaviors necessary to produce specific performance attainments.

Fundamental Traits

Core characteristics that are considered foundational in defining an individual's personality, according to certain psychological theories.

Gordon Allport

An American psychologist, one of the founding figures of personality psychology known for his trait theory of personality.