Economic rent represents
a. a loss to society since resource owners do not earn it
b. the difference between marginal revenue product and marginal resource cost
c. a loss to resource owners who earn less than the market value of the resource
d. any resource earnings less than that resource's opportunity cost
e. any resource earnings greater than that resource's opportunity cost
Question 2
The Coase theorem argues that the assignment of property rights will generate an efficient solution to the problem of
a. positive externalities as long as bargaining costs are small
b. negative externalities as long as bargaining costs are small
c. negative externalities as long as bargaining costs are great
d. any type of market failure
e. any type of market failure that involves high transaction costs
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