The Coase Theorem was significant in economics due to its recognition of the irrelevance of property rights in establishing the motivation for economic transactions in markets

The interest income earned on most municipal bonds in the United States is tax exempt. Thus, for such municipalities

A) the level of public investment projects is lower than it would be otherwise. B) municipal tax revenues are higher than they would be otherwise. C) the user cost of cost capital is lower than it would be otherwise. D) All of the above are correct.

Perfect competition describes a firm's behavior in a market model where:

a. there are few firms producing identical products. b. there are few firms producing highly differentiated products. c. there are many firms producing identical products. d. there are many firms producing highly differentiated products. e. there are barriers to entry and exit for the new firms.