Which of the following is true about the Coase theorem?

(a) An example of the Coase theorem being applied in practice would be an airline passenger

paying the passenger in front of him not to recline their seat.

(b) If there is no mechanism to enforce property rights, the Coase theorem fails

(c) The initial allocation of property rights is irrelevant to determining social welfare if transaction costs are low between the affected parties

(d) All of the above