Coase argues that externalities do not create inefficiencies as long as property rights are clearly established. He
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Question:
Describe two problems with this argument? Under what circumstances would you expect Coase's solution to externalities to work well, and when might it lead to very inefficient outcomes? Explain.
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
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