The world price of a commodity will settle at the level where
a. supply and demand are equal within each country.
b. the excess demand of the importing country is just equal to the excess supply of the exporting country.
c. the excess demand in the exporting country is equal to the excess demand in the importing country.
d. there is no excess demand in the exporting country.
Question 2
Assume your roommate is very untidy. According to campus policy, you have a right to live in an uncluttered apartment. Suppose she/he gets a 200 benefit from being untidy but imposes a 100 cost on you. The Coase Theorem would suggest an efficient solution can be reached where:
a. you continue to live with your messy roommate until you are able to make other living arrangements elsewhere.
b. your roommate stops her/his messy habits or you force her/him to move out.
c. you pay your roommate at least 100 but no more than 200 to clean up after (her)himself.
d. your roommate pays you at least 100 but no more than 200 for the right to be untidy (or to have you clean up after her/him).
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Upper-Level Maps
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