Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sam owns a farmland and plants variety of food crops. These crops are worth about $90,000 when harvested, so he is happy with himself for
Sam owns a farmland and plants variety of food crops. These crops are worth about $90,000 when harvested, so he is happy with himself for working hard, as his profit margin keeps increasing annually. Sam's farm is so beautiful that passersby spend some time appreciating the farm and its beauty. Birds and rodents of different kinds also use the farm as their habitat. What kind of externality does the above scenario describe? Explain briefly
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started