As a follow up to my recent post, A Video and Audio Introduction to Market Failure, I plan to introduce the diagrams we use to illustrate and analyze negative and positive externalities and the inefficiency arising in the markets for certain goods. My fellow Econ Video Lecturer, Mr. Clifford, provides a great introduction to these diagrams in his video, EconMovies 7: Anchorman. We’ll watch the video below before beginning our notes on the subject today! Enjoy!
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