Key Terms

Question

m4rQVXRxzz4nKMcS+VISuKitGG7Op1m1FE4/QzjLesrlb2R5nqYWFqSHkPHYr9Ogxoz0Gl57IBQMeD1En33Jq1mXdAJ16cYb6mGo7YJpv4Ynt3sHRjcJBQ3QPfrK5Iu3WeBoUZXG/2+U1N9mCV2lSqMKVuk2IJqBP8Hx5h5OWHoQyKgozMJ2dxOo6pJ35kIus8uA8CSHYVz14T1JohJJJGrX2qvWoWHoIl/Z4V+Cb/yhBwklGaXcBHXf0kvatMsWAb1RKkksUiwiDnIyVgkRA0IhIvqsRLOm0Oo+Ezr+yjsYa+juAgTomhlTfzaZhI7j1pi/DWoouxPcoqbfaEJzQYtOsOQvWdkU+3/NAJQFffcYU5/AjUlxtB/9rTG2J+Nsrt2RfssvPtJGySDJP4g8Y8ow6+7e6LI1rOAaTXw5qz9ftGt+0sF1lyKWrRr3hSMH78lQ/gLN5pEw6Gq9bv2dv44fRdNKmsj899ELiKBL08lpzw+iUXPugDApoGsEiNay5tm9pvPh6Fv+wLZrp6laSgL3VtZ7P3sL32dc6c0HiBGTJxYmsDtsRfoWj5zF1RDZ2fS0MXtTnQqPqt0uwYnVnMYg4R6RuEFKv+m8tvw1+TLTr8jLpjQdhBji+o3AmXsbvcSlDdoLg2fcSSgqFT1jbteinaKVkGxlwlYQv1uW9654zSR6Op/WwuprlecurEWaisvidz+Dq21bd6Ow7UrWuF5ri6Mhq3EJZENPN6Uc84cEosvjU5uCl9XErx2YuUmMza6TPRIYVhBXpFjRDCkIqGGiS6vVfS6svRRINc57SfIVji+8LVIFf0lIQr0L9N9QwQFcDlcnHiT9/g+ccb7gP4noO6+zYv0Z3yjdx0kMJnAextN7+Y5lmlBDjV/ImjBNNeZLPFlT3XMv5T1vGn7BEKgkeyx2Ph5UsJvWugg5YDKMv5NO18ylWPuSKMee5v/jHcYuCtDEVX9G+nK+05dshgfnuxbVwtEKkbaKnsXnorp6XciNtgUdK7Zypm0SHwVbvmc5DTPpbeXm3cduVpKPHqumdQnLsesw14/teDu/RVvFU51LegMX/dXj/S0Q9wgZxIKUJMhtttdWbdZmiFXK3UYljMpifyi1XqRTlblp1h1ZY9xINPh7SfME2YArlqIEb6PFfwjoYq8Nwnk0kGlZlVfHCegn7v5/xIXl01lFWNA0m7RQshDIC39Je9jNdRAxLPkG6FZ3jEMMgjQois0ae1VsyolKi2yJjaERw3zyKiCqazdo1TS7BM6xhboTDBFb0x5zXYcdQmZd3ZvfrwayhKTqIMSrcQUZBM5+uFPOEYJWxhSGekmzkayhGf0b4wtsqCNReDOegT7YLwBa3DK/FTC/9NhkTja/M5WY0qnWF3PWGsmB+tgqMmri2nMz2OfMKOkGCjs1a6x4LzLfnPNL953YZEkCGRqFZyxgAomq/yr9kA623HuctgUEQkoVPhNrxKEwgNB8bsEkizMfgleyuQmNFkeppLenoJFrA32LET7nN/eILkYhDw1VNAoQfUnQQGe5jbOlbQRDTmh5n9QexUp+eGeIK/b+DuCutzRPdkLbdjb/kia1VHgur2hPUbtf9+BZT0TxpheMdiX7KCrSt4E3RwOFMpz6AhrnjdHqnr8BLKGXSoD7K4mvCBYePOgsZp89yc8W4XABZLdeT1whMJFwPzVhA6TF0ipTHtSUkpRA26gL3fJ7oyEewGXfS+pRh2/xyBodaGgudDTtfF6tjKftZAXWCt7La74IW8eLOE6nTIQavNMZ/grPTHnhicyjO+/x7DezimLOxR/LUa9SOH2CYk4xEb9u/HN8cQgGm6J+uYj1V4Nznpux6vJR1mc9Szp0bcgXD36UVFyQfdUvkFJxoTDSaZfdTyBo9bwPoUU9F9zP22rq5mdXrj84a4pnKGu4acyQV4QYLVQrFME2XNoKtm6IE44jAEWBxhxO9g5kDKdMBpLxHrqdcLEDp/PNwP0FiD+Skuy1575RgFP2l+IQyNinEIcyYvJ7geDI+iGhcrHN0ddOwNT4rcb+IS4YAVWcM8tD87rNTa2BdeSoI/TNPwzKGdtDRY2qWaRce/HJZ+o8zpjzpl3JdVXLqnP/scXaSKu/1MJ1NWAFMfFksnAOuPZPeyuunEKivLIOaMFtONpTWygpaQbjzU86H0jxbYnz/373J8QLG7Olu3Xf27iPi6HUCWa9xTp+mQ29yQSbcp5bajTK39xyYu/QNsb6hsQ6Q4ltK9LlglVv9wiFYBKqEuyWDGv/HfJhG4o51CWYEsilPhVf7cb3rlGaTl2zQzKyI1SJPYYbmIm+5zULHoJHJbnlk+zTe8Q8XorZPIx5aHP8P1kaq9vX1QfmQauAgddlk2NpJfsfm3Dc6SAkH/jN3sJtPomIjipz+4/RgeSkU4vWeEG/U/SHDeSksppRhBVaQM/j69dB9v4Wu7m+xl4rKweBXW0ijvo2DpcBSo5vt10SPFAhAl0ybxAuRghSfELY8RRajuSFtbEq1nrez97UPqAKALvQmH/u77zYmAjm+fBVleTjNWhDZpjrvGKwwT9MIvlCQLPRAF/9vC/tRkAHivMkbpzoYcfu8ry3xFLvGOqW4/Tdfz+LbBe5MK69qvVImS+wz4qTN+kF7V5Q6qt68weVnSVZdf4KNM7QFjeK/Zrmnct6aU6BP9ZJkCDUxWeJR8lvJe1cmUTAdka2kyYO/K35kHB5yYvLA99TfI5AKmtf+s7M5T8MOi1NbEiyG4v9hVOpLKte3biL5uiiNk90mJvU6pr7EqlgSYdLzcXHf3zvz9iNBA8axH2C91ttJUW9cPHmU4EgyuA+xb+qqwBVgzXhorpwTDDBXN9PKHFcvu0sm4pS4pnZkSWAqnIuXV2d8I/8wYmvalJH42sKaUbxktDZiZ1EA1Z7vChMAs6gANfK+SepDGkNxj8tTGoM9y6hEB2iT9oVumJYb/LmRmm4xzMkLmN5+caEPibBRWC9GFjEiogy3E9WU1pkAXAeEYkicpUVSFOX93QS7MgO6Namw9IrBR3UtD4zSTHkT11knFxG+t+0T7BpTIlusr7msKOnoydPuoui3OY/bFYk8pIgKyfZStCx7Bd5IXrUIxh/ba1+IzbGZl0eT6ZZllcxASZPl9+pVL1fLh9/S4MzAWcrAIAXU93TbcqQKojcgI6rzSPRnZPBQ9FXGGFEduu8Hxvi6lC06YZF+aEwCG8YUS84XDUfOMgskGQEUvZNx5cf67HKhflkxVS4q0AzWspgIkliR+KzJn8cobDrfGjKnfAR8AQuo5W2amHjOWfTONcUr2WUaLP/2liEc9bWtP9n408M8v5wqeSAVVHdiuhfDn7DHzt4yQKepyPXYIrYglkNOIh6O4ZpxxNhGdsNfrGdtgbAMT7+frUq00BpBKdqO6nfavfGzTJL8oJzotxkIX+/5b37zvqLQlkULT2DNvKfxPejBtlcnUaDzR5PC5B9/FIgq7FSQs4JRuomcTkMRJpFHmdscjimp+tae3jWtaKthitS2wkIXgVxYSc5Gs/LRPknaa09gz+snJ646kNUfDel5YuL5+fkzy+eziocB35zyAZxMvp8vQu66F/6TlevA0lkMtVpB3mDLAGvKMfbE3O64B/ZByE/iiGMyKNVlXn1yTnlK9kcHAGQqEyrsRCcGh1GP92foOfPQVrTEgn2FXNq2CLkLRvz8l3RSGRV+utRCdXDnmzwFT3tJKWpTwXy2LTF9x3B0LTpIkpM840Ao/UNBWqqIWAFOH9GfsgtFx11cg5krzuoHJY2z5yZ8VKlAk28gcDZGxUkBpNC9eQomNkdLE5sjZVwoEHt7nDD80b12HwM+973W9cnkz6F5XpZWcicpqao2Equ9OBuh7eO5/OtCuNZMQ2eM/nL7Z/pEYN95RRfnBA/GdXmvHEOuRgt6AMMyXtp84Ak4Qcc4sAn1bmAyL/DfZDA3Ltm6p4oUDN7jm7Mux7XusJNQf4+AOzHzD7IEiruZGh4GWsDFVbQYDt5ANtsTgAOYSbOWu4txLV4Ax56CJ89IsQDiLUStIh/ny99XiASQOQCPH8obfV1JtqiDFE7YMuAeIrpffaWKb36jv8zaR1dY6SPQcyaPXqvSaqy5zzzxPc7JNK3AFWSSV1qqrI2M/zfUYOEd3gKWd0Bnde0CRnPTVexpVh5agKy+5kF3XAIrFABlmycdY4jyXsRIyz2Qvt7Jw/Qd1HoU7fWj7Hf7ZBOY1oeH1KX+wJYP7F0oOqP0/68mum5EQVju7sNSikoDqm1zruyI+9lFypjlTuPoY8ZyfgO3VZsawObEgu07LRB5OGm0AvXLXD2SedDmSHIf3zbC7o/2vAvfnXsWLY3zXoMDb3n7RwMRpN7RWAOFB6xn9p2YqeXuK/9cVADClopADVNHTyvtcHq/aWI1TTSrdp8nvvxj6kd7DCIPejJK/2anJscDFGxOEsGZKONReMG6v1zxNhxJn7DWyjSeP4fWrO/Z3GLMgKVQBJ4dgWli8FvZiZs7sjhDdF8mCAyMpbB6rY9/cW3Gl2p/zHbv3S2AxTG9MHE3BWGukuYQFS8T1qbONohVnk67U7GEkOTNnDYbdKK6v4kpALywi5HN0RreLJ+PQqE95vPdOr/GZSMq6RcIbVYZsTcbY837afxcdaU0XV2WCRfaCD+QWrnY/rhMdZv01e3rrJs7/Runf9xEcfHN6hT8sU6VTgX2L6VOa8KzwdZMtX3CmQfwxTVo+osRFM2LGrH1/lnWtR+yLmDXfovYgfcinpaKrdBdX9TVOsQCV2O+3d/4db90LqxMfJsuTTFyS0WUQ2c1xb190/5TW4w/8rT5/VxPH/qjbbvz84UCguHHGVxeViQ/Can3zGF2bdzARLKjRZpe0L6SLPYISS19iz2POuqiCjPeM8sg2E6e8c3NC1FZC3EDocANJUYkhEFv/pTNk3BmkDzFyMsbBHBYmEw9DhJzt8vvEhHCHN34I0os/s8NcnzuOelSTTSe2Nl8HCvFAmZFHp3TPnLnYjwvq0lSW0yBSY2hShAg7vpAWfssk2GMZSyv3foPuqewWVtlWG6RESzxDRGMFlvQJ2Wuq54iMfVTojcue5IArkj6jS6TWHXjD9BgPadFKjc+ZgZ8nrYyFQk9hfAc8ou5sjeltL7TPD8LNjtX0sTDha1QvhTwwo2wkHVx1g4wt0RYV202atAZA5MlUDY78yaNM5Glh4TlXQPxxrM8zGAuRL4MdkBEqijdZ/2IYd5HVyvyl5b6Sw8rilWgidG6dLYSYgcENXRje9rEp02IJy8lzO5fqTbmyvTFGlaBxqLU3iZmCt3FO9kxI2rYn0ptcJJjpw6fZhOFQ6EAG2oIZZ73tZhVZZlGE+OiBAsdVQ4z4qKrOgW3wli++zs/+10sNa/UpmbscA3amuP11NEPKZ7jl8HnJ6r5772cqNkdyyYkT2YKjQcsfDISJrZ6ZPS/ji4idENgLYiTqUSs7UvayGsNXafOZz39Qr62lRXhVx7SL3PlhJq1XGwn7vG+IiZmIJiUmzOIUD+jqkysKXZzX67tgXavPOch+LSni2IgcMhQ6LBqicKL3md1Cnf5Poe5r7mCj/kb+ZfYSJMihZPasMTwD8d1/emb9BhSq94bTGUCjl6wf2w4XddWiTNWyc7hMjn8UoG4jaIbglbyDAk2WTojkdywcoJH5EMtDPj8SDwm1N+EfWV76xax1QYFoWHDWC7GXTay/GQrRBY6jjMcVFkNNrHQgip88MkSq3ozo8YrRcbPyAsAVDYAp7DaSYNOZWkf7JkKozQ2wUzLI9eRu8Nhid980IfW87dWZ1X8j8okR5AvEcuA8jA31ET1tQsj7adDYpGeYAX8+9NMlAqcrKOp8iCq/ChdTB4khws4B6hxURqHZNaDdu3skCx2c0q/CNABnAcFzsDX8Z+HBw/qWRBqKgJiHfWzuDzlrQ=

Marginal social cost of pollution

Marginal social benefit of pollution

Socially optimal quantity of pollution

External cost

External benefit

Externalities

Negative externalities

Positive externalities

Coase theorem

Transaction costs

Internalize the externalities

Environmental standards

Emissions taxes

Pigouvian taxes

Tradable emissions permits

Pigouvian subsidy

Technology spillover

Network externality

Positive feedback

Excludable

Rival in consumption

Private good

Nonexcludable

Nonrival in consumption

Free-rider problem

Public good

Common resource

Overuse

Artificially scarce good

Welfare state

Government transfer

Poverty program

Social insurance program

Poverty threshold

Poverty rate

Mean household income

Median household income

Gini coefficient

Means-tested

In-kind benefit

Negative income tax