Explain in your own words what is meant by external costs and external benefits. Why may market

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Explain in your own words what is meant by external costs and external benefits. Why may market outcomes be less than ideal when externalities are present?

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Macroeconomics Private And Public Choice

ISBN: 9780357134009

17th Edition

Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

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Question Posted: Oct 06, 2023 05:11 AM

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Explain in your own words what is meant by external costs and external benefits. Why may market

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External costs and external benefits are concepts in economics that relate to the unintended or unaccountedfor consequences of economic activities Ext...View the full answer

Macroeconomics Private And Public Choice

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