If the social value of producing robots is greater than the private value of producing robots, the private market produces too few robots.
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According to the Coase theorem, if private parties can bargain without cost, then the private market will solve the problem of externalities.
A. 对
B. 错
Private parties may choose not to solve an externality problem if the transaction costs are large enough.
A. 对
B. 错
When externalities are present, reaching an efficient outcome is especially difficult when the number of interested parties is large.
A. 对
B. 错
Sophia sits behind Gabriel on an airplane. Gabriel owns the right to recline his seat and values this right at $10. Sophia values a non-reclined seat in front of her at $20. Assuming no transaction costs, an efficient solution would be for Sophia to pay Gabriel $15 to not recline his seat.
A. 对
B. 错