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Which term describes the individual use of products that can lead to externalities? free resources free riders common goods private consumption

Sagot :

Consumption describes the individual use of products that can lead to externalities

What is consumption externalities?

EXTERNALITIES OF CONSUMPTION. A negative consumption externality occurs when a person's consumption lowers the well-being of others who are not reimbursed by the person. The direct advantage to consumers of consuming an additional unit of an item is known as the private marginal benefit (PMB).

In economics, consumption externalities exist when the utility function of an individual openly and directly takes into account the consumption of others, or when that individual is directly influenced by the consumption of others.

What are negative externalities in consumption?

A product's creation or use incurs costs for a third party, which is known as a negative externality. Commonly used illustrations of negative externalities are noise and air pollution.

To know more about consumption externalities visit:

https://brainly.com/question/23263334

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