Question

4. What are Externalities?​

Answer 1

Answer:

Externalities occur in an economy when the production or consumption of a specific good or service impacts a third party that is not directly related to the production or consumption of that good or service.

Answer 2

Answer:

Externalities are third party "spill-over" effects arising from production and consumption of goods and services for which no appropriate compansation is paid.

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