What divergences occur between equilibrium and an efficient

Reference no: EM13459391

What divergences arise between equilibrium and an efficient output when (a) negative externalities and (b) positive externalities are present? How might government correct these divergences? Cite an example (other than the text examples) of an external cost and an external benefit.Other examples of external costs might include secondhand smoke, noise from the stereo down the hall, or road congestion. External benefits might be generated from outdoor Christmas lights, music from the stereo down the hall, or attractive landscaping in the neighborhood.

Reference no: EM13459391

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