What Are External Failure Costs? External failure costs are those costs incurred due to product failures after they have been sold to customers. These costs include the legal fees related to customer lawsuits, the loss of future sales from dissatisfied customers, product recalls, product return costs, and warranty costs. What is an example of an
What Is The External Benefit Of Education? These include lower government health, welfare, and prison costs; strengthened democracy, human rights, political stability, and social capital; less crime and poverty; environmental benefits; better international competitiveness; new ideas and diffusion of technology. What are the externalities of education? The three externalities that I examine are (1) an
What Is The External Opportunity Cost Of A Successful Biking Company In A Community? An external cost occurs when producing or consuming a good or service imposes a cost (negative effect) upon a third party. If there are external costs in consuming a good (negative externalities), the social costs will be greater than the private