Discuss the difference between the best outcome for society and the best outcome for the involved individuals.Identify the impacted markets, where the externality arises and who is impacted by the externality.
QUESTIONS: 1.Identify the impacted markets, where the externality arises and who is impacted by the externality. In the pollution examples the externality arises in the market for a good being produced, where a by product of that production is pollution. The impacted parties are those who also consume (a dirtier) environment. Include a supply and […]