How is the negative externality exhibited by jake affecting the society? jake's overspending can result in personal bankruptcy, which will adversely affect the lives of his friends, family, and others, who were otherwise not involved in his overspending activities. this is an example of [need answer] externality.

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.