What are external costs? when external costs are present, will market allocation result in too much or too little output of the good relative to the ideal efficiency level? explain.

When a cost is imposed on a party that is not part of a transaction, then we deal with an external cost or negative externality. That party can´t control  whether the transaction takes place or not.  External costs of activities can lead to market failure if they exceed their benefits, and there will be no market failure if the external costs don’t exceed the benefits.

Explanation:

1.) question:

how was the agricultural revolution related to the industrial revolution?

d.) improved agriculture led to population growth, which increased demand for goods.

2.) question:

which of the following happened first in the events leading to american independence?

c.) the meeting of the first continental congress.

3.) question:

what was one advantage that cities offered businesses and industrialists?

answer:

d.) transportation networks

4.) question:

what economic philosophy developed in response to the problems of industrial workers?

a.) socialism

5.) question:

how does this image relate to the jacobins?

b.) the jacobins used this machine to scare and execute those who supported the king.

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