Equating society’s marginal benefits with marginal costs will ensure that the
economically efficient level of either private or public goods is attained.
12. It is not possible to exclude people from consuming pure public goods.
13. One difference between public goods and near public goods is the degree of rivalry.
14. Government failure describes a situation where government activity creates negative
15. A neighborhood tree-planting program generates positive externalities.
16. A person whose house has declined in value as a result of a nearby factory’s fumes is a
third party to the market associated with the factory.
17. Positive externalities can be more easily measured than negative externalities.
18. The Exxon Valdez oil spill was an exception to the rule. It was the only major
environmental disaster in the 1980s.
19. When property rights are vaguely defined, externalities cannot exist.
20. Positive externalities can be an example of market failure.
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