Define externalities in consumption and production, Basic Statistics

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Define externalities in consumption and production

Define externalities in consumption and production of goods and services. Why do they occur? What are examples of externalities in the health field? Explain why the presence of externalities will, in the absence of some collective action, lead to a sub-optimal rate of output. What type of collective action is called for?

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Basic Statistics: Define externalities in consumption and production

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Basic Statistics: Define externalities in consumption and production

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