A shift from S1 to S2 reflects the change that happens when a negative externality is taken into account. A shift from D1 to D2 reflects the change that happens when a positive externality is taken into account.
-Refer to the above figures. Which of the panels would be consistent with the situation in which external costs exist?
Definitions:
Fifth Amendment Right
A constitutional provision that protects individuals from self-incrimination, mandates due process of law, and prohibits the government from seizing private property without fair compensation.
Self-Incrimination
The act of exposing oneself to prosecution by making statements or producing evidence that could prove one's own criminal guilt.
Fourteenth Amendment
An amendment to the U.S. Constitution that grants citizenship to all persons born or naturalized in the United States and guarantees equal protection under the laws.
Closely Held Corporations
Corporations that have a small number of shareholders and whose shares are not publicly traded, often managed by the shareholders.
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