the warming arctic affects us all Arctic temperatures are rising twice as fast as the global average and receding sea ice threatens polar bears, walruses, and seals that exist nowhere else on earth and face an increased risk of extinction.

Source: Truthout, December 4, 2015 What is the externality described in the news clip? How could property rights influence the amount of damage done to the Arctic Sea and its wildlife?

Use the following information to work Problems 3 and 4.

City ponders ban on plastic bags Most plastic shopping bags end up in the landfill or as litter. Tacoma city officials are considering banning them or allowing them for a fee of 5 or 10 cents.

Source: Tacoma Weekly, December 8, 2015