Which condition(s) must exist for the Coase theorem to hold? I. Property rights must exist. II. Transactions costs must be measurable. III. A small number of parties must be involved

Which of the following is common to both tariffs and quotas?

A) Tariffs and quotas are both designed to reduce foreign competition faced by domestic firms. B) Tariffs and quotas both increase economic efficiency. C) Tariffs and quotas are both examples of voluntary export restraints. D) Tariffs and quotas are both used as a means to increase government revenue.

Every Friday night Elizabeth either goes bowling or goes to the movies. Because the price of bowling went up, Elizabeth now sees more movies. Elizabeth's behavior would be best described as a change in which determinant of demand?

a. Price of complementary goods b. Expectations c. Income d. Number of buyers e. Price of substitute goods