What is the Coase Theorem? Under what conditions will the Coase Theorem break down?

What is the Coase Theorem? Under what conditions will the Coase Theorem break down?

How does a command-and-control policy differ from a market-based policy?

What are Pigouvian taxes and subsidies? How do governments decide when to levy a tax or provide a subsidy?

To provide national defense to a country, the supplier needs to hire soldiers and acquire weapons and other military equipments. Do you think it is possible that a private firm is able to supply national defense efficiently?

Compare a private good with a club good.

Why is it difficult for the market to deliver socially efficient quantities of goods like clean air or street lighting?

When does the free-rider problem arise?

How does the market demand curve for a private good differ from that of a public good?

What is meant by the tragedy of the commons? Use an example to explain your answer.


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