ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An economic side effect of a good/service that generates benefits or costs to someone other than the person deciding how much to produce or consume.
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Side effects
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Public Goods
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Externalities
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Monopolies
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Explanation:
Detailed explanation-1: -These spillover costs and benefits are called externalities. A negative externality occurs when a cost spills over. A positive externality occurs when a benefit spills over. So, externalities occur when some of the costs or benefits of a transaction fall on someone other than the producer or the consumer.
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