Question: 1.An external effect that generates costs to a third party is called A.free-ridership B.a positive externality C.a negative externality D.a marginal private cost 2.Which of

1.An external effect that generates costs to a third party is called

A.free-ridership

B.a positive externality

C.a negative externality

D.a marginal private cost

2.Which of the following is NOT a characteristic of a private good?

A.rivalry in consumption

B.benefits of consumption are non-excludable

C.consumption of the good precludes consumption by another individual

D.the benefits to a consumer of consuming the good are exclusive to that individual

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