9- Assume that everyone agrees that global warming is both real and caused by humans. Identify one or more reasons why bargaining in the spirit of Coase is unlikely to resolve the problem of excess carbon emissions.

a- Many carbon emitters cannot legally cut their emissions without government permission.

b- The benefits of global warming outweigh the costs.

c- As there are billions of polluters and billions of victims, the transaction costs are enormous.

d- Most of the victims are unborn.