Microeconomics question

What is your understanding of an externality? Be able to distinguish and explain positive from negative externalities?

looking for an answer in about 125 or so words

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Externality is referred to as an effect of use decision or purchase by a set of parties on other individuals who did not have any choice as well as whose interests were not considered. For instance, manufacturing activities that may cause pollution inflict health as well as costs for cleaning on the entire society entire. We have both negative and positive Externalities. Negative externality is defined as an economic activity…………

APA

170 Words