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Externalities in an Urban Environment
A city street corner provides a complex sensory experience that illustrates various economic externalities. For a bystander, this environment includes the pleasant sound of a street musician (a positive externality), alongside the noise of traffic and the smell of exhaust fumes (negative externalities), and the aroma of food from a vendor. These are effects on individuals who are not directly involved in the transactions that create them.
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Ch.5 Sensation and Perception - Psychology @ OpenStax
Psychology @ OpenStax
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