A negative externality is the same thing as an external cost.
32. A free rider attempts to receive benefits without paying for them.
33. Marginal social cost would be less than marginal private cost in the presence of negative
34. The existence of positive externalities indicates that price is too low.
35. A market failure will occur when all benefits are internalized.
36. To correct for market failure, the government could impose a tax on the producer.
37. The existence of positive externalities indicates that the market is producing too many
38. In cases where negative externalities are present, the equilibrium price in the market is
higher than it should be to achieve the optimal allocation of resources.
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