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1. Externalities - Definition and examples An externality arises when a firm or person engages in an octivity that affects the wellbeing of a third porty yet neither poys nor receives any compensation for that elfect. If the impact on the third party is adverse, it is called a externality The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantiy for this good. Adjust one or both of the curves to reflect the preaence of the externality. If the social cost of producing the pood is not equal to the poivate cost. then you should drag the supply curve to refiect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consurming the good PRICE (Dollars per unit) With this type of externality, in the absence of government intervention, the market equilibrium quantity produced will be than the socidly optimal quantity. Which of the following generate the type of externality previously described? Check all that spply. A leading electronics manufacturer has discovered a new technology that dramatically improves the picture quality of plasma televisions. Firms of all brands have free access to this technology. The oty where you live has turned the publicly owned land next to your house into a park, causing trash dropped by park visitors to pde up in vour backivard. Your roommate Yvette has bought a puppy that barks all day while you are trying to study economics. Rina has planted hundreds of flowers in her front yord, beautifying the neighborhood both for herself and for her neighbors