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-(Table: Externalities from Parks) Use: Table: Externalities from Parks.The table shows the marginal social benefit and the marginal social cost of preserving various amounts of land in a city for a public park.Suppose that parks result in positive benefits to the community as a whole but that the marginal private benefit that any one individual in the community gets from parks is close to 0.Without government intervention,at the amount of land dedicated to the public park the marginal social cost will be:
Obligor
A person who is bound by a promise or other obligation; a promisor.
Statute of Frauds
A legal doctrine requiring certain contracts to be documented in writing and officially signed, aimed at preventing fraudulent claims and enforcing agreements.
Oral Contract
An agreement between parties that is spoken and not written, yet is legally binding under certain conditions.
Indefinite Period
A time span without a specified end date.
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