The idea that resource allocation can remain efficient,even in the presence of externalities,as long as property rights are clearly assigned and transaction costs are low is referred to as the:

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The Coase Theorem states that resource allocation can remain efficient in the presence of externalities as long as property rights are clearly defined and transaction costs are low. It suggests that private bargaining between affected parties can lead to an efficient outcome regardless of how initial property rights are divided. The other options are not relevant to this concept.

The Idea That Resource Allocation Can Remain Efficient,even in the Presence