Question: 1 Define externalities 2 Define positive externalities and give three examples 3 Define negative externalities and give three examples 4 Define social cost 5

1 Define externalities 2 Define positive externalities and give three examples 3 Define negative externalities and give three examples 4 Define social cost 5 Define private cost

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1 Define externalities Externalities refers to situations when the effect of production or consumption of goods and services imposes costs or benefits on others which are not reflected in the prices c... View full answer

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