Question 4 (4 points) Consider a consumption externality in a two-person economy (such as two- roommates with different preference for cigarette smoke in their apartment). If negotiation between the two parties is not costly, it follows from the Coase Theorem that... The assignment of property rights will result in the level of the externality producing consumption activity being set to zero. The assignment of property rights and a competitive market will result in an efficient allocation. O The assignment of property rights is sufficient to achieve an efficient allocation Which of the two consumers is assigned the property rights is important since this will determine if an efficient allocation can be reached by the market