You share a room in a large apartment complex with three other students, and you want to have an end-of-semester party that may become very noisy.
Your lease clearly states that you are not to disturb the other residents, but you believe the Coase Theorem implies that you should be able to bargain with your neighbors and reach an agreement on hosting the party. However, you are wrong and bargaining is unlikely to achieve an efficient outcome. Which condition of the Coase Theorem is not met in your situation? A) Property rights are not clearly assigned.
B) The costs of bargaining are too high.
C) You must have the property right to host noisy parties for the Coase Theorem to work in this case.
D) All of the Coase Theorem conditions are met.
Question 2
The marginal product of an input is
A) total product divided by the amount of the input used to produce this amount of output.
B) the addition to total output that adds nothing to total revenue.
C) the addition to total output that adds nothing to profit.
D) the addition to total output due to the addition of one unit of all other inputs.
E) the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
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