19 Dec 2021
Problem 12
Page 316
Section: REVIEW QUESTIONS
Chapter 13: Positive Externalities and Public Goods
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19 Dec 2021
Introduction
Externality refers to the spill-over effect of someone's work. The effect could be positive or negative. When the work or the service done by a first-party gives a positive benefit to the parties not involved in a transaction, it is called a positive externality.
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