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Which would be the MOST likely place to find an internalized externality? (Keep transaction costs in mind.)
Holds Over
A term describing a tenant who remains in possession of leased property after the expiration of the lease term without the landlord's consent.
Tenancy for Years
A leasehold interest in property for a fixed period that is greater than one year.
Month-to-Month Tenancy
A type of rental agreement that does not have a set end date but continues on a monthly basis until either party decides to terminate it.
Tenancy at Will
A rental agreement allowing a tenant to occupy property for an indefinite period, terminable by either landlord or tenant at any time.
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