Which of these statements concerning externalities is correct? a There would be no justification for government involvement in the economy if it were not for externalities. b An externality can only arise when one person (or a small group of persons) has the ability to unduly influence market prices. c An externality arises when one person's actions have an impact on the well-being of others. d An externality can arise only when two or more countries are engaged in trade with one another.
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