Which of the following defines externalities? the gradual increase of prices and wages the effect of an economic transaction on someone outside of the transaction the housing shortage following a population boom the gradual depletion of a nation's natural resources

Among the options given on the question the correct answer is option B.

the effect of an economic transaction on someone outside of the transaction

Explanation: The externality  is an economic term which means a cost or benefit received by the third party who are not involved in the activity. The externality can be both positive and negative.It can stem both from production and consumption. Moreover, the affect can be private meaning that an individual or organization, else public.

The given option which says that the effect of an economic transaction on someone outside of the transaction defines the externality. Because the person who has the effect of the transaction is not involved in the transaction.

Therefore, the option C is the correct answer.

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using the map image above, answer a, b, and c. a. briefly explain the historical context of this map image.b. briefly explain one economic or social development in the period 1607–1754 that could be used to explain what the cartographer (mapmaker) shows in the map image. c. briefly explain one social development in the period 1607–1754 that could be used to explain the distinctions shown in the map image.your responses: a.during this time period the colonies had recently been formed by the british. the colonies were grouped into three sections based on common beliefs, lively hood, and how they interacted. the new england colonies had passed the mayflower compact and they focused on trade, shipbuilding, and fishing. the middle colonies had purchased land from the native americans and dealt mostly with the export of wheat, banking, and shipping.

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