Question: Please Help, and please list reference, Define benefit and cost externalities. Explain why situations involving benefit externalities tend to result in an under-allocation of society's

Please Help, and please list reference,

  • 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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