Which one of the following is not a condition for a successful water market?
a. Property rights must be clearly defined
b. A system must be in place to resolve conflicts
c. Transaction costs must be relatively high
d. Water demand must exceed water supply
e. Water must be physically transferable
Answer: c. Transaction costs must be relatively high
Economics
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When a regulator allows a monopolist to set its price equal to long-run average cost, the regulator is practicing
A. average cost pricing. B. operating cost pricing. C. marginal cost pricing. D. optimal cost pricing.
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