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Despite the appealing logic of the Coase theorem, private actors often fail to resolve on their own the problems caused by externalities.
Money-back Guarantee
A pledge to refund a customer's payment if the product or service does not meet the advertised standards or expectations.
Abuse of Dominant Position
An anti-competitive business practice where a dominant firm uses its market power to exclude competitors or exploit consumers.
Regulatory Law
A body of law that governs the activities of administrative agencies of government, including rule-making and enforcement.
Criminal Law
The body of law that relates to crime and the regulation of conducts prohibited by the state, including the imposition of penalties for their violation.
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