The Coase theorem says that, if the appropriate property right is assigned to ____, an efficient solution to an externality problem will be achieved
a. the party causing the externality
b. the victim of the externality
c. the party that can avoid the externality at the higher cost
d. either one of the parties involved
d
Economics
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Fill in the blank: ________ cost refers to the next-best option a person gives up when making a choice
A) Accounting B) Objective C) Efficient D) Opportunity E) Regrettable
Economics
The condition where firms do not want to sell as many as consumers want to buy is called
A. a market collapse. B. a surplus. C. an equilibrium. D. a shortage.
Economics