What do you understand by a negative externality, Microeconomics

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What do you understand by a negative externality

Problem

What do you understand by a ‘negative externality'? Consider the impacts of a negative externality on resource allocation and the policies which might be used to ‘correct' it.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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