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AS and A Level Economics: How should students label the externalities diagrams?

24 October 2019 11:42
Updated

Externality diagrams can be labelled with: MSC, MPC, MSB, MPB, MEC, MEB.

It would depend also on the context of the question.

For instance, if the question is about negative externalities or the difference between social and private costs, a diagram showing MSC, MPC and MSB would be appropriate. If, however, the question is about market failure caused by the existence of externalities, it would be useful to include MSC, MPC, MSB and MPB.

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