Question: For each of the situations in the table below, indicate whether there is a positive or a negative externality. Indicate in each case whether social

For each of the situations in the table below, indicate whether there is a positive or a negative externality. Indicate in each case whether social marginal cost (MCs) is greater than or less than private marginal cost (MCP).

Positive or negative MCs greater than externality or less than MCp You smoke a cigarette and blow the smoke into others' faces. You cut your lawn early on a Sunday morning. A firm conducts R&D and generates useful "basic knowledge that is freely available. A firm produces aluminum, but also produces toxic waste as a by-product

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