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According to the Coase Theorem if a property right is well defined and transaction costs are low Multiple choice question. resources will gravitate to their

According to the Coase Theorem if a property right is well defined and transaction costs are low Multiple choice question. resources will gravitate to their highest-valued use. resources will gravitate to their lowest-valued use. where the resources are used depends on who owns the property right. total surplus is not maximized

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