Taxes and subsidies can be used to correct market failure.
Correct Answer:
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Q2: Economic activity initiated by market participants imposes
Q3: Free riders consume or enjoy benefits that
Q4: Free ridership is associated with market failure,
Q5: A clear property right to ownership of
Q6: Markets without externalities create pollution.
Q8: A system of nonattenuated (uncompromised) property rights
Q9: The Coase Theorem was significant in economics
Q10: Ronald Coase was a sociologist who drew
Q11: Equating society's marginal benefits with marginal costs
Q12: It is not possible to exclude people
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