Externalities Paper

Feb 3rd, 2012
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Externalities and Its Types An externality is a cost or a benefit which can be experienced by anyone who is not a party to the transaction that produced it. Externalities occur whenever the acts of one economic mediator, make the other economic mediator worse or better off, yet the worst mediator neither accepts the costs nor gets the advantages of doing so. Externalities are an example of market collapse. Externalities are either negative or positive depending on the nature of the impact on the third party. The negative externality (also, external cost) is an action of a product for consumers that

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