Which of the following characteristics of property rights is key for the Coase Theorem to work?
A. High transaction costs
B. Zero transaction costs
C. Clear transaction costs
D. Low transaction costs
Answer: D
You might also like to view...
Use a graph to show the differences in the central bank reaction function if the Fed is more tolerant or less tolerant of deviations from inflation in the short run
What will be an ideal response?
In the open-economy macroeconomic model, a higher U.S. real exchange rate makes
a. U.S. goods more expensive relative to foreign goods and reduces the quantity of dollars supplied. b. U.S. goods more expensive relative to foreign goods and reduces the quantity of dollars demanded. c. foreign goods more expensive relative to U.S. goods and reduces the quantity of dollars supplied. d. foreign goods more expensive relative to U.S. goods and reduces the quantity of dollars demanded.
Suppose a firm can hire 100 workers at $8.00 per hour but must pay $8.05 per hour to hire 101 workers. Marginal factor cost (MFC) for the 101st worker is approximately equal to:
A. $8.00. B. $8.05. C. $13.05. D. $13.00.
The Packers and Stockyards Act of 1921
A) reinforced antitrust laws regarding livestock marketing. B) established the Packers and Stockyards Administration, still exists today. C) was the principal legislation exempting cooperatives from antitrust laws. D) Both A and C