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A student using an e-cigarette in a library emits clouds of vapor that disrupt others working close to them. is this market power or externality

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A student using an e-cigarette in a library emits clouds of vapor that disrupt others working close to them. is this market power or externality

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An example of a positive externality is:a) the profit made from the sale of electric vehicles b) the penalty paid by a coal mining company after it is caught illegally dumping toxic waste into a riverc) knowledge spillovers that result when a maker of microchips invests in research and developmentd) the price paid by an electricity company for an emission certificate on the European Trading Scheme, allowing it to emit a specified level of CO2
Use a supply and demand graph to show a good which should be illegal owing to it's negative externality.
Consider the above graph. Is there an externality present in this market? If so, what kind? No, there is no externality. Yes, a negative externality. Yes, a positive externality.
Are corporations responsible for the externalities they create?
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Which of the following is a good example of a negative externality? A) Tom drives home drunk instead of taking an Uber B) Miguel buys an exercise bike on Facebook Marketplace C) Michelle paints her house, and the neighbors enjoy looking at her freshly painted house D) Jane joins Match.com
Describe a situation where you experienced a positive or negative externality or free-riding by you or someone else. Why are these situations problematic?
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A positive externality arises when a third party, outside the market transaction, fails to allocate resources efficiently Pays less for the good or service benefits from a market transaction pays a pollution tax to balance social costs
QUESTION 16 Consider the following figure Price SMC PMC P. M H. Demand + Quantity Refer to the graph above. What area(s) represent(s) the victim's suffering if pollution permits (given for free to the firms) are implemented to fix the externality?
Macmillan Learning Incorrect An externality is defined as: the effect of an activity undertaken outside a building rather than inside a building. an effect of market activity that impacts the opposite side of the market from the side whose decision caused the effect. a side effect of an activity that affects bystanders whose interests are not taken into account. the impact of an activity on buyers and sellers in the market where the activity takes place.
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