You are considering whether to enter a holiday lights display contest that pays

Question

You are considering whether to enter a holiday lights display contest that pays $1,000 to the winner. State whether each of the following constitutes private costs, private benefits, external costs, or external benefits. Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers Private costs Private benefits External costs External benefits Increased traffic congestion. Increased traffic congestion. Increased traffic congestion. Increased traffic congestion. Increased Increased Increased Increased electric bill from the holiday lights electric bill from the holiday lights electric bill from the holiday lights. electric bill from the holiday lights. Winning the Winning the Winning the Winning the holiday lights display contest. holiday lights display contest. holiday lights display contest. holiday lights display contest. Neighbors have Neighbors have Neighbors have Neighbors have difficulty parking on difficulty parking on difficulty parking on your street. difficulty parking on your street. your street. your street.

Explanation / Answer

Private cost - increased electric bill from the holiday lights.

Private benefit-winning the holiday lights display contest.

External cost-increased traffic congestion.

External benefit- neighbors have difficulty parking on your street.

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