An Externality Is Said to Be Internalized

question 76

Multiple Choice

An externality is said to be internalized:

• A)when individuals take external costs and benefits into account in their decision making.
• B)when the Coase theorem is irrelevant or cannot be applied.
• C)when individuals successfully petition the government to ban or restrict activities that generate negative externalities.
• D)when individuals learn to adapt to negative externalities through introspection or internal acceptance of what are viewed as unchangeable facts of life.

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Definitions:

Common Goal

An objective or purpose shared by a group of individuals, which they strive to achieve collectively.

Interdisciplinary Teams

Collaborative groups made up of members from different professional backgrounds working towards a common goal.

Utilize Informatics

The application of informatics in healthcare to improve patient care, enhance access to information, and support healthcare professionals' decision-making processes.

Physician-Centered Care

A healthcare approach where decision-making and treatment processes are primarily directed by physicians rather than being patient-focused.