The Coase Theorem does not imply which of the following?
a. Resources will be allocated efficiently in the absence of transactions costs.
b. Resources will move to their highest valued use in there are no transactions costs.
c. The initial allocation of property rights does not matter to the parties involved.
d. The allocation of resources is independent of the assignment of property rights if transactions costs are zero.
Question 2
The equilibrium level of regulation is where the marginal political benefits to the special interests are equal to the marginal political costs of the foregone regulation.
a. True b. False
A graphical representation of the marginal value theorem.
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