Robert Nozick asserts that fairness and efficiency result if
A) there are price ceilings in the market.
B) there are external benefits and external costs in the market.
C) voluntary exchange occurs.
D) public goods are provided by government.
Question 2
Keeping in mind the Coase theorem, in the figure above, if the residents of the town own the lake, the market does what?
A) overproduces 120 tons of pesticide
B) underproduces 120 tons of pesticide
C) overproduces 60 tons of pesticide
D) produces the efficient quantity of pesticide
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Robert Rauschenberg, Monogram.
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