In 1 or 2 sentences, define an externality and explain how the government makes companies take responsibility for negative externalities.

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asked Jan 20, 2020 207k views

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Frmdstryr · Answer 1 · 2020-01-25T17:07:23+0000

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Externality is an effect of an industrial or commercial doings that affects other parties without this being reflected in the cost of the goods or services involved, such as the pollination of surrounding crops by bees kept for honey. The government can respond to externalities through command-and-control policies or market-based policies.

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In 1 or 2 sentences, define an externality and explain how the government makes companies take responsibility for negative externalities.

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