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An illustration in which the marginal social costs exceed marginal private costs by the marginal external costs (or marginal damages). This is known a
An illustration in which the marginal social costs exceed marginal private costs by the marginal external costs (or marginal damages). This is known as a negative production externality.
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Air pollution from motor vehicles is an example of a negative externality. The costs of the air pollution for the rest of society is not compensated f
Air pollution from motor vehicles is an example of a negative externality. The costs of the air pollution for the rest of society is not compensated for by either the producers or users of motorized transport.
Light pollution is an example of an externality because the consumption of street lighting has an effect on bystanders that is not compensated for by
Light pollution is an example of an externality because the consumption of street lighting has an effect on bystanders that is not compensated for by the consumers of the lighting.