An Externality Exists When

question 54

Multiple Choice

An externality exists when

• A) there are private costs.
• B) there are internal costs.
• C) there are external costs.
• D) there are opportunity costs.

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Definitions:

Difficult Customer

A customer who presents challenges or issues that are beyond typical expectations due to their demands, behavior, or needs.

Implicit Learning

The process of learning complex information in an incidental manner, without awareness of what has been learned.

Informal Learning

Learning that occurs outside formal educational institutions, typically through everyday activities, experiences, and observations.

Modeling

Learning a skill by observing another person perform the skill; considered a form of social learning because it is learned in the presence of others.