Examlex
Why is Sumerian writing different from other early cultures?
Negotiate Costlessly
The ability to come to mutual agreement without incurring any transaction costs or facing obstacles in the negotiation process.
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.
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