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Coase Theorem
The proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own
Distribution Of Rights
The allocation of legal entitlements and responsibilities among individuals, organizations, or governments.
Efficient Outcome
An economic situation in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.
Government Intervention
Actions taken by a government to affect the economy, which can include regulation, subsidies, tariffs, and other mechanisms.
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