Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 17, Problem 10QP
To determine
Explain the statement about the externality and how it will be corrected.
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What are externalities; and how the government can fix it
What are externalities; and how the government can fix it.
Explain in detail.
Describe a positive or negative externality that you have observed in your life. In the example you provide, determine if the externality is positive or negative, explain why, and discuss if you feel like government intervention is present and/or needed. If so, how does (or how could?) the government increase market efficiency?
Chapter 17 Solutions
Microeconomics
Ch. 17.1 - Prob. 1STCh. 17.1 - Prob. 2STCh. 17.2 - Prob. 1STCh. 17.2 - Prob. 2STCh. 17.2 - Prob. 3STCh. 17.2 - Prob. 4STCh. 17.3 - Prob. 1STCh. 17.3 - Prob. 2STCh. 17.3 - Prob. 3STCh. 17.4 - Prob. 1ST
Ch. 17.4 - Prob. 2STCh. 17.4 - Prob. 3STCh. 17.5 - Prob. 1STCh. 17.5 - Prob. 2STCh. 17.5 - Prob. 3STCh. 17 - Prob. 1QPCh. 17 - Prob. 2QPCh. 17 - Prob. 3QPCh. 17 - Prob. 4QPCh. 17 - Prob. 5QPCh. 17 - Prob. 6QPCh. 17 - Prob. 7QPCh. 17 - Prob. 8QPCh. 17 - Prob. 9QPCh. 17 - Prob. 10QPCh. 17 - Prob. 11QPCh. 17 - Prob. 12QPCh. 17 - Economists sometimes shock noneconomists by...Ch. 17 - Prob. 14QPCh. 17 - Prob. 15QPCh. 17 - Prob. 1WNGCh. 17 - Prob. 2WNGCh. 17 - Prob. 3WNG
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- Externality is a problem that create market failure. How the externalities can be internalized to improve market efficiency?arrow_forwardExplain the concept of externalities; include an example, as well as how the government takes action to correct it.arrow_forwardI'm struggling with this question, I have an understanding of what negative externalities are, but I'm not sure how they are handled. Some help would be much appreciated!arrow_forward
- Externalities Do you think that there would be external effects associated with Water from a uranium mine leaking into Kakadu National Park? If so, what would be the nature of the external effects? Can you think of policies that might deal with each external effect (that is, improve social wellbeing)?arrow_forwardGive an example of a negative externality that you have witnessed or are personally aware of. Who is affected by this? What can be done to improve the situation?arrow_forwardHow do negative externalities cause market failure?arrow_forward
- Explain one negative externality and one positive externality that is currently happening in your country. What is your country's government doing to fix the issues of the negative externality?arrow_forwardWhy are externalities considered a sign of market failure?arrow_forwardwhat is one function of the government other than correcting externalities?arrow_forward
- Select the factor that would be an example of a positive externality. a war in the Middle East impacting oil prices the construction of a new rail system that allows a factory to ship their products cheaper a trade war driving up steel prices for a U.S. automaker a drought that ruins a corn harvestarrow_forwardWhich of the following generate the type of externality previously described? Check all that apply. The city where you live has granted a permit to put a movie theater in your neighborhood, causing traffic jams at night and on weekends. A microbiology lab has published its breakthrough in swine flu research. Your roommate, Lucia, has bought a puppy that barks all day while you are trying to study economics. Eric has planted several trees in his backyard that increase the beauty of the neighborhood, especially during the fall foliage season.arrow_forwardUse a supply and demand graph to show a good which should be illegal owing to it's negative externality.arrow_forward
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