A Copper Ore Refiner Pollutes the Water Upstream from a Brewery

question 303

Multiple Choice

A copper ore refiner pollutes the water upstream from a brewery. These are the only two parties involved. The transactions costs of reaching an agreement between the refinery and the brewery are low. The amount of water pollution will be at the efficient level

• A) only when the property right to the stream is assigned to the ore refinery.
• B) only when the property right to the stream is assigned to the brewery.
• C) when the property right to the stream is assigned to either the refinery or to the brewery.
• D) when no one has clear property rights.

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Definitions:

Middle Term

In a syllogism, the term that appears in both premises but not in the conclusion, serving as a link between the other terms.

Minor Premise

Minor Premise is the second premise in a syllogism, which contains the terms minor term and middle term, leading to a specific conclusion.

Minor Term

The term that appears as the subject in the conclusion of a categorical syllogism and in one of the premises.

Middle Term

In a syllogism, the term that appears in both premises but not in the conclusion, serving as the link between the major and minor premises.