(Answered) Explain the concepts of externalities

Economics

Question: President Obama is very concerned with Climate Change and has been taking limited action to tackle this massive social and environmental problem. In an interview with Thomas Friedman, President Obama said the following: "If there's one thing I would like to see, it'd be for us to be able to price the cost of carbon emissions."

Required:

Explain the concepts of externalities and market failures in the content of Climate Change. Provide support for your position.

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