According to Coase,
a. government regulation will almost always be necessary to eliminate negative externalities
b. externality problems can be solved efficiently by the assignment of property rights if transaction costs are low
c. when bargaining costs are high, it is necessary to assign property rights
d. assignment of property rights will lead to equitable but inefficient solutions to externality problems
e. there really is no externality problem with renewable resources
B
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The purely competitive employer of resource A will maximize the profits from A by equating the
A. price of A with the MRC of A. B. marginal productivity of A with the price of A. C. price of A with the MRP of A. D. marginal productivity of A with the MRC of A.
An employer discriminating against Asian workers is an example of:
A) special interest group discrimination. B) cultural discrimination. C) statistical discrimination. D) taste-based discrimination.
Refer to the table below. If the profit for each unit of paper product is $2 and the profit for each unit of lumber is $5, what is the marginal benefit for each unit of paper products produced?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $2
B) $3
C) $7
D) $5
In the presence of heteroskedasticity, and assuming that the usual least squares assumptions hold, the OLS estimator is
A) efficient. B) BLUE. C) unbiased and consistent. D) unbiased but not consistent.