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Question
Which of the following situations reflects a nonpecuniary externality?
a) A chain of retail stores opens in an area which increases the demand and price of labor.
b) The sudden steep rise in oil prices lead to the enactment of a complex regulatory system which instead stimulates the demand for oil.
c) Toxic waste from a chemical manufacturing firm pollutes the water supply for a meat packaging industry in the area.
d) Toxic waste from a chemical manufacturing firm pollutes the water supply in the area which leads to a steep fall in real estate prices in the area.
Answer
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