ECO 2302 Study Guide - quiz Guide: Coase Theorem, Efficient-Market Hypothesis, Marginal Utility

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Lighthouses: free riding is a very big problem when goods are: nonexcludable and nonrival, the cost to clean up a chemical spill that has seeped into local streams is ,000, and the estimated benefit is ,000. Property rights: an outdoor concert venue in a neighborhood produces a lot of noise pollution on the weekends. The venue owners or the homeowners must own the air: an outdoor concert venue in a neighborhood produces a lot of noise pollution on the weekends.

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