Across
- 4. The cost to society including private cost plus any external cost
- 6. Government levy that raises cost or raises revenue
- 7. Type of externality that makes a cost imposed on bystanders who are not in the market
- 9. With clear property rights and negligible transaction costs private bargaining yields the efficient outcome
- 10. Type of externality that benefits bystanders who are not in the market
- 11. Excludable and nonrival good
- 12. The outcome where marginal social benefit equals marginal social cost and total welfare is maximized
Down
- 1. A cost or benefit that affects bystanders and is not reflected in market
- 2. A good that is both excludable and rival in consumption
- 3. Nonexcludable and rival resource
- 4. Government pays per unit to encourage more of something (like a reverse tax)
- 5. The benefit to society including private benefit plus any external benefit
- 8. People overuse a shared resource because no one owner bears the full cost