Assignment: Why Is Pollution An Externality?
Assignment 1 Topic: Why is pollution an externality? Evaluate economic policy options for minimizing it. I. Pollution and externality 1. Market and externality One of the general principles of economics is: Markets are usually a good way to organize economic activity . Indeed, in a perfect market, all resources in the society can be distributed efficiently without the intervention of government. P S P0 0 Q0 Q Diagram A While interacting with each other in the market, both sellers and buyers pursue their own benefits but, under the influence of market forces, their decisions unintentionally bring well-being to the whole society. Economists agree that when the market reaches it equilibrium, a point at which the demand curve intersect supply curve (as described in Diagram A), the sellers can sell all goods they want to sell and the buyers can purchase all the goods they want to purchase. The price paid …show more content…
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