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Internalizes the negative externality

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1. What, exactly, is a "negative externality", "n.e.", (also known as a "social cost)"?

2. Please give an example of a n.e. that is new and original --- that was not discussed previously.

3. In theory, what is the process whereby a firm or individual "internalizes the negative externality" ("i.t.n.e.")? Please give an example, preferably one that was not discussed previously.

4. How does the concept of "i.t.n.e." relate to cost curves?

5. When Boomer Cement was forced to "i.t.n.e.", what happened to its cost curve?

6. If an entire industry is polluting "too much", and it is forced to "i.t.n.e.", what happens to the Supply, the Price, and the Quantity produced in that market, in theory?

7. What are the four "Market Structures"? Please describe each Market Structure and give an example of a firm that belongs in each of the four Market Structures, preferably a firm that was not discussed previously.

8. What is a "natural monopoly"? Please give an example.

9. Why are natural monopolies often regulated by some sort of Government Regulatory Agency?

10. In YOUR OPINION, SHOULD THE STATE OF CALIFORNIA HAVE TAKEN OVER PG&E? Why or why not?

Reference no: EM132511592

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