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Complete the following sentences: 1- ....... refer to a special type of externality that depends on the relative rankings of actors in a situation. 2-
Complete the following sentences: 1- ....... refer to a special type of externality that depends on the relative rankings of actors in a situation. 2- ..... ..is an action of a product on consumers that imposes a negative effect on a third party; it is external cost. 3- ........ ..........is a tax imposed that is equal in value to the negative externality. 4- If all parties involved can easily organize payments so as to pay each other for their actions, then an efficient outcome can be reached without government intervention, this is known as...... 5- There are general types of solutions to the problem of externalities which are...... 6- A.......... ....would increase the utility of third parties at no cost to them. 7- ......... ........represents a connection between economic agents which lies outside the price system of the economy
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