Which of the following best describes a private cost?

Why is the marginal social cost (MSC) curve typically higher than the traditional supply curve?

A city is experiencing high levels of air pollution due to traffic congestion. Which solution could help mitigate this negative externality?

What is an externality in the context of microeconomics?

What is a potential disadvantage of government intervention in correcting market failures?

What is a Pigovian tax?

What is a potential advantage of using subsidies to address positive externalities?

How do command and control policies address negative externalities?

If the social cost of pollution is \$50 per unit and the market price is \$30 per unit, what should be the Pigovian tax to achieve market efficiency?

In a scenario where a barking dog causes a negative externality, the owner values the dog at \$800, and the neighbor incurs a cost of \$600 due to the noise. If the neighbor has property rights, what is a possible efficient solution?

Which economist is credited with developing the Coase Theorem?

How do high transaction costs affect the feasibility of private solutions to externalities?

Which of the following is a necessary condition for the Coase Theorem to achieve efficient outcomes?

What happens when transaction costs are too high in a Coase Theorem scenario?

In a Coase Theorem scenario, if the neighbor has property rights over noise, how might the outcome differ compared to the owner having property rights?