The Coase theorem states that if transaction costs are low, the number of parties is small, and property rights are well established
A) the government must intervene to eliminate any externalities in the market.
B) private transactions are efficient.
C) there will be no pollution.
D) Both answers B and C are correct.
B
Economics
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When demand decreases and the demand curve shifts to the left, equilibrium price ________ and equilibrium quantity ________
A) increases; decreases B) decreases; increases C) decreases; decreases D) increases; increases
Economics
Total revenue increases if the price of the good
A) rises and demand is elastic. B) rises and demand is inelastic. C) rises and demand is unit elastic. D) falls and supply is inelastic. E) falls and demand is unit elastic.
Economics