Which of the following move the handling of a common property resource closest to efficiency?
A) ensuring that the sellers of the resource are perfectly competitive
B) ensuring that the seller of the resource is a monopolist
C) banning the sale of the resource
D) banning the use of the resource
E) assigning a usage fee for access to the resource
Question 2
Use the following statements to answer the question:
I. Consider the problem of negotiating the price of a rug that costs 100 to make. If there are two buyers (one with a maximum willingness-to-pay of 200 and one with a maximum willingness-to-pay of 250 ), then the situation is no longer a constant sum game.
II. The likely outcome from the game described in statement I is that the second buyer will bid a price slightly above 200 (e.g., 201 ) to win the rug.
A) I and II are true.
B) I is true and II is false.
C) II is true and I is false.
D) I and II are false.
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