2. The costs to society of pollution are an example of an external cost; in some cases,...
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2. The costs to society of pollution are an example of an external cost; in some cases, however, economic activities yield external benefits. External costs and benefits are jointly known as externalities, with external costs called negative externalities and external benefits called positive externalities.
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Related Book For 
Essentials Of Economics
ISBN: 9781429218290
2nd Edition
Authors: Paul Krugman, Robin Wells, Kathryn Graddy
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