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Which statement defines externality?
a)It is a change in demand brought about by factors other than price.
b)It is the external factors that cause a rise in the supply of goods or services.
c) It is the external factors that cause a decrease in the supply of goods or services.
d)It is the impact of production and consumption on unrelated third parties.
Answer :
d)It is the impact of production and consumption on unrelated third parties.