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The presence of a negative externality is likely to give rise to significant market failures when: Question 25 options: a) transaction costs are relatively low.

The presence of a negative externality is likely to give rise to significant market failures when: Question 25 options: a) transaction costs are relatively low. b) property rights are not well-defined. c) there are few victims of pollution and few polluters. d) property rights are well-defined

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