Multiple Choice
An externality is
A) the amount by which price exceeds marginal private cost.
B) the amount by which price exceeds marginal social cost.
C) the effect of government regulation on market price and output.
D) someone who consumes a good without paying for it.
E) a cost or benefit that arises from an activity but affects people not part of the original activity.
Correct Answer:
Verified
Correct Answer:
Verified
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