1.3.2c - positive externalities

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4 Terms

1
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what is a positive externality

when benefits to society (MSB) are greater than benefits to an individual (MPB)

OR

social benefits outweigh social costs

2
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what does a positive externality mean there is in terms of consumption of the good

under-consumption of the good/service

welfare loss for society (the triangle shows the size)

3
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examples of goods with positive externalitites

vaccines, education, exercise, green energy consumption, public transport

4
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show a graph for positive externalities

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