It has been shown that the consequence of environmental externality is a divergence between social and private
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It has been shown that the consequence of environmental externality is a divergence between social and private costs. Explain the differences between social and private cost and explain how the difference in these two concepts causes market failure. What exactly is meant by market failure? Be specific.
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Social Cost vs Private Cost Private Cost Private cost refers to the total cost incurred by an individual or firm engaged in a particular economic activity It includes all the explicit costs eg product...View the full answer
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Related Book For 
Principles Of Environmental Economics And Sustainability
ISBN: 9780415676915
3rd Edition
Authors: Ahmed Hussen
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