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The Coase theorem suggests that efficient solutions to externalities can be determined through bargaining. Under what circumstances will private bargaining fail to produce a solution?
Unions
Organizations formed by workers in various industries to collectively bargain for better wages, working conditions, and benefits.
Minimum Wage
The lowest remuneration that employers can legally pay their workers; the rate may vary by jurisdiction.
Henry David Thoreau
An American essayist, poet, and philosopher known for his works on naturalism and civil disobedience.
Market Revolution
A period of rapid economic transformation in the United States during the 19th century, characterized by the expansion of capitalism and industrialization.
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