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What is an externality and what is the difference between

a) What is an externality?

b) What is the difference between positive and negative externalities? Do both of these constitute economic problems?

c) What is a public good? State two criteria that must be fulfilled for a good to be a public good.

d) What does "free riding" mean? State an example when free riding can be a problem.

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Microeconomics: What is an externality and what is the difference between

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