Market Failures And Negative Externalities: Effects Of Vulgar Graffiti On South Street

Externality: Theoretical Framework“Market”, in economics, refers to a forum of interaction between the demand and the supply side forces for different goods and services, where, the mutual interaction and agreements between them (the buyers and the sellers) lead to decisions regarding the quantities of commodities or services to be produced and the price levels for the same (Frank & Cartwright, 2013).
However, often in the fre…