An Externality Is Either an External Cost or External Benefit

question 14

True/False

An externality is either an external cost or external benefit that spills over to bystanders.

Identify strategies for reducing prejudice and discrimination.

Describe the effects of social influence on individual behavior.

Understand the role of common goals in reducing intergroup conflict.

Explain the factors that contribute to conformity and the impact of group pressure on decision making.

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Definitions:

Legality

The state or condition of being in accordance with the law; adherence to and conformity with legal statutes, rules, and standards.

Consideration

The benefit, interest, right, or value given to one party in exchange for some act or promise in a contract.

Intent to be Bound

A party's clear expression or indication through words or actions that they agree to be legally obligated by the terms of a contract or agreement.

Paralegals

Professionals trained in legal matters who assist lawyers in their work, but are not licensed to practice law themselves.