In a two product economy, the output of product of one product affects the production function of a second product in a condition of this type which is named for JE Meade. According to the Coase theor
In a two product economy, the output of product of one product affects the production function of a second product in a condition of this type which is named for JE Meade. According to the Coase theorem, market failure is due to transaction costs, not to these, which Coase describes as a joint product of a victim and a polluter. Pigovian taxes can be used to counterbalance these phenomena. The tragedy of the commons is caused by the negative type of these. Examples of the negative type include a company's air pollution harming animals. For 10 points, name these phenomena which occur when an economic transaction has an effect on a third party.
In a two product economy, the output of product of one product affects the production function of a second product in a condition of this type which is named for JE Meade.
 externalities [or spillover]