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. If a positive externality that existed becomes corrected, price and quantity will become
Definitions:
Ethnicity
Sociological factors such as nationality, culture, language, and ancestry.
Skin Color
A characteristic of human physical appearance which ranges in variation from the darkest brown to the lightest hues, determined by the amount of melanin in the skin.
Culture
The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group.
Deep-Level Diversity
Differences between individuals at a more profound level, including values, beliefs, and attitudes, as opposed to observable characteristics.
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