The Coase Theorem states that _____
a. in the absence of transactions costs, the allocation of resource will be independent of property right assignment
b. in the absence of transactions costs, the allocation of resources will be dependent on property right assignment
c. with transactions costs, the allocation of resources will be independent of property right assignment
d. with transactions costs, the allocation of resources will be dependent of property right assignment
a
You might also like to view...
The invention of new mining methods will affect price through the supply side.
Answer the following statement true (T) or false (F)
Which phrase would be most characteristic of pure monopoly?
A. Single seller B. Efficient advertiser C. Price taker D. Close substitutes
If in the long run, imports are paid for by exports, then
A) any restriction of imports ultimately reduces exports. B) any restriction of imports ultimately expands exports. C) any restriction of imports has no impact on exports. D) any restriction of exports has no impact on imports.
The slope of the isocost line tells the firm how much
A) capital must be reduced to keep total cost constant when hiring one more unit of labor. B) capital must be increased to keep total cost constant when hiring one more unit of labor. C) more expensive a unit of capital costs relative a unit of labor. D) the isocost curve will shift outward if the firm wishes to produce more.