Economics Externalities

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Last updated 9:07 AM on 8/24/26
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10 Terms

1
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<p>What externality is this?</p>

What externality is this?

Negative, Production

2
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<p>What externality is this?</p>

What externality is this?

Negative, Consumption

3
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<p>What externality is this?</p>

What externality is this?

Positive, Production

4
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<p>What externality is this?</p>

What externality is this?

Positive, Consumption

5
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What is the MPC?

Marginal Private cost, Cost of supply

6
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What is the MSC?

Marginal Social Cost, true cost to society

7
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What is the MPB?

Marginal Private Benefit, where consumption is economically optimal

8
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What is the MSB?

Marginal Social Benefit, where consumption is socially optimal

9
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Is the MSC inward or outward from the MPC

Inward in neg production, Outward pos production

10
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Is the MSB inward or outward from the MPB

Inward in neg consumption, Outward pos consumption