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1. What are negative externalities? Why do we overproduce goods that result in negative externalities?

2. Can you graph a market for a good that results in a negative externality, showing marginal private cost, marginal social cost and marginal social benefit?

3. What remedies do we have to correct the market failure present in a good with a negative production externality?

4. What are positive consumption externalities? Why do we underproduce goods that result in positive externalities?

5. Can you graph a market for a good that results in a positive consumption externality, showing marginal private benefit, marginal social benefit and marginal social cost?

6. What remedies do we have to correct a positive production externality?

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federal reserve bank of st. louis (business operation)

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Economic Lowdown: Episode 5: Externalities

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In the fifth episode of the Economic Lowdown Video Series, Scott Wolla, economic education specialist, explains externalities. Viewers will learn how costs and benefits sometimes affect bystanders and discover how taxes and subsidies can be used to "internalize" externalities.

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Juan Camilo Cárdenas: Invisible hands working together

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Here is the updated group assignment on externalities.

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Honors Unit 2 - Lesson 5 Externalities Flashcards | Quizlet

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Start studying Honors Unit 2 - Lesson 5 Externalities. Learn vocabulary, terms, and more with flashcards, games, and other study tools.