why externalities prevent the attainment of efficiency when goods are traded in competitive markets.
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Externalities can be both positive and negative.They exist when the actions of one person or entity affect the existence and well-being of another. In economics, there are four different types of externalities—positive consumption and positive production, and negative consumption and negative production externalities. As implied by their names, positive externalities generally have a positive effect, while negative ones have the opposite impact.( I hope this helps you , if incorrect , sorry)
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