Examlex
If both parties agree, bargaining over _______________ issues is allowed.
Coase Theorem
Principle that when parties can bargain without cost and to their mutual advantage, the resulting outcome will be efficient regardless of how property rights are specified.
Externalities
Costs or benefits that affect parties who did not choose to incur those costs or benefits, often leading to market failures.
Polluting
The act of contaminating the environment with pollutants, such as chemicals, noise, or heat, that can harm organisms and the ecosystem.
Treatment Plant
A facility where pollutants are removed from water, air, or waste to reduce environmental impact and protect public health.
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