Economics-Microeconomics

Which of the following illustrates the concept of external benefit?

An example of an activity that generates an external cost is

The cost of producing an additional unit of a good or service that is borne by the producer of that good or service is the

In which of the following markets are external benefits most likely to exist?

Suppose a firm produces pollution when it generates electricity. The cost of the pollution is called the

The cost of producing one more unit of a good or service that is paid by the producer

A private cost is a cost of production that is borne by the

A private cost is a cost of production that is

Air pollution caused by lead

Beautification of the national highways through the planting of shrubs and wildflowers will

An example of an externality occurs when a chemical factory

When people decorate the exteriors of their homes with colored lights, they create ________ for the motorists who pass by.

The external benefit of a good

An externality occurs when

Which of the following is an example of an external cost?

A cost that arises from the production of a good that is paid by someone who did not participate in the production is called

An externality can be a

Which of the following episodes would most likely contain an externality?

Which of the following does NOT contain an externality?

An externality can be a cost or benefit arising from the production of a good that falls upon