What is the term for a benefit or cost arising from production or consumption that affects third parties who are not involved in the buying or selling of the product, without any compensation?

Choose the correct answer

Explanation

An externality refers to a situation where the production or consumption of a good causes benefits or costs to third parties who are not directly involved in the transaction, and these impacts occur without any form of compensation.

What is the term for a benefit or cost arising from … — Agricultural economics | PakQuizHub