Externalities come into existence only when the social costs of a market activity exceed the social benefits of a market activity. ... Social costs of an economic activity do not include the activitya#39;s private costs. ... answer. * The opportunity costs of government activity: (a) Can be measured in terms of the private-market activityanbsp;...
|Title||:||Study guide to accompany Schiller, Essentials of economics|
|Author||:||Michael M. Tansey, Lawrence F. Ziegler, Bradley R. Schiller|