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C) Explain how externalities can be solved. 4. A) Summarize the video Is Walmart Good For America. B) What does the video p
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Answer #1

C.

There are different methods to solve externalities, depending upon the nature of externality. If it is a negative externality, then there is a need to apply Pigovian tax that will make MSC = MSB. As a result, supply curve will shift to the left and socially optimal equilibrium will be achieved. The second approach to solve negative externality is the command and control system where the amount of harm or pollution or other negative externality is fixed and everyone has to follow the rule. It also involves banning of certain activities and or use of green and clean technologies. The third approach is to use cap and trade system where every firm has been given the number of units of pollution to release, though the firm can trade their permits with each other.

The second type of externality is positive externality. It is resolved by offering subsidy to the firms. It makes them supply more and supply curve shifts to the right. As a result, socially optimal equilibrium is achieved. It helps in resolving the positive externality.

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