Define the following terms: a. Externality b. Public good c. Ratchet Explain the applicability of these concepts
Question:
a. Externality
b. Public good
c. Ratchet
Explain the applicability of these concepts to the innovative economy.
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a Recall that a beneficial externality is an effect of a business transaction that benefits persons other than those who directly take part in the tra...View the full answer
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Related Book For 
Economics Principles and Policy
ISBN: 978-0538453653
12th edition
Authors: William J. Baumol, Alan S. Blinder
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