Asked by
Yokesh Kumar
on Nov 05, 2024
Verified
A well-maintained house and yard is an example of
A) a positive externality.
B) a negative externality.
C) a public good.
D) logrolling.
Positive Externality
A beneficial effect experienced by a third party as a result of an economic transaction or activity between others.
Negative Externality
A cost that affects a party who did not choose to incur that cost, often a byproduct of production or consumption.
Public Good
A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from its use and one person's use does not reduce availability to others.
- Discern the notion of externalities, specifically differentiating between positive and negative externalities.
- Identify cases of external factors in daily existence and understand their impact on social structures.
Verified Answer
PL
Learning Objectives
- Discern the notion of externalities, specifically differentiating between positive and negative externalities.
- Identify cases of external factors in daily existence and understand their impact on social structures.