Suppose that a firm manufactures fertilizer and as part of the production process a toxic discharge is released, currently disposed of in a river. Which of the following statements is correct? Select one: a.Under the Coase Theorem, to achieve a socially optimal outcome, property rights to the river must be assigned to the firm so that they internalize the externality. b.A tax on the firm is always preferred to the assignment of property rights. c.In the absence of transaction and bargaining costs, it is possible that with clearly defined property rights to the river for a private solution to occur that would be as efficient as the welfare-maximising tax on the effluent. d.The socially optimal level of production will always occur without government intervention because firms internalize externalities