Transcription of Microeconomics Topic 9: “Explain externalities and public ...
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Microeconomics Topic 9: “Explain externalities and public ...
MicroeconomicsTopic 9: explain externalities and public goodsand how they affect efficiency of market outcomes. Reference: Gregory Mankiw s Principles of Microeconomics , 2nd edition, Chapters 10and Efficiency of Private ExchangeA private market transaction is one in which a buyer and seller exchange goods orservices for money or other goods or services. The buyers and sellers could beindividuals, corporations, or private market transactions will occur between buyers and sellers only if bothparties to the transaction expect to gain. If one of the parties expected to end up worseoff as a result of the transaction, that transaction would not and sellers have an incentive to find all the voluntary, private market transactionsthat could make them better off.
Topic 9: “Explain externalities and public goods and how they affect efficiency of market outcomes.” Reference: Gregory Mankiw’s Principles of Microeconomics, 2nd edition, Chapters 10 and 11. The Efficiency of Private Exchange A private market transaction is one in which a buyer and seller exchange goods or
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