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A cost or benefit of a good imposed on people other than the consumers or producer of a good is called a(n):
a. externality.
b. merit good.
c. public good.
d. private good.

Ask by Wagner Colon. in the United States
Jan 24,2025

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An externality is a cost or benefit affecting people other than the consumers or producers.

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Bonus Knowledge

An externality occurs when the actions of individuals or businesses have unintended side effects, impacting others who are not part of the transaction. For example, pollution from a factory can harm the health of nearby residents, creating a negative externality that isn’t reflected in the cost of the product being manufactured.
In real life, externalities affect various sectors. A classic illustration is the use of education; when one person gets more education, it often raises the overall education level in the community, benefiting everyone—this is a positive externality, as it leads to a more informed and productive society.

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