Author Question: If bargaining is costless, the assignment of property rights for an externality a. has no impact on ... (Read 54 times)

michelleunicorn · **on:** Jul 1, 2018

If bargaining is costless, the assignment of property rights for an externality
a. has no impact on the possibility of an efficient outcome and no distributional impact.
b. has no impact on the possibility of an efficient outcome but does have a distributional impact.
c. does have an impact on the possibility of an efficient outcome but has no distributional impact.
d. does have an impact on the possibility of an efficient outcome and does have a distributional impact.

Question 2

Common property
a. is owned by specific people.
b. is inexhaustible.
c. refers strictly to land resource.
d. refers to goods owned by society at large and freely usable by anyone.