What does it mean to overproduce or under produce a product

Reference no: EM131099315

Suppose that a commercial apple orchard uses pesticides in the production of apples. In the process, dangerous fumes drift across a nearby neighborhood.

If this externality is not internalized, does the market overproduce or under produce apples? What does it mean to overproduce or under produce a product?

Reference no: EM131099315

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