Define benefit and cost externalities. Explain why situations involving benefit externalities [tend to result in an under-allocation

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Define benefit and cost externalities. Explain why situations involving benefit externalities [tend to result in an under-allocation of society's scarce resources, and why situations involving cost externalities tend to result in an over-allocation of society's scarce resources.
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Managerial Economics

ISBN: 978-0133020267

7th edition

Authors: Paul Keat, Philip K Young, Steve Erfle

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