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Sophia sits behind Gabriel on an airplane. Gabriel owns the right to recline his seat and values this right at $10. Sophia values a non-reclined seat in front of her at $20. Assuming no transaction costs, an efficient solution would be for Sophia to pay Gabriel $15 to not recline his seat.
Flowchart
A diagram that depicts a process or workflow using symbols and arrows to show the sequence of steps or decisions.
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A deadline is a fixed or set time by which something must be completed or submitted, crucial in planning and time management.
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