Individuals can internalize externalities a only with

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5. Individuals can internalize externalities:a) Only with government interventionsb) Among themselves privately even with costly delays in bargainingc)Among themselves privately if transaction costs are sufficiently lowd) None of the above
6. A monopolistically competitive firm :
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Chapter 14 / Exercise 7
Principles of Economics
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b) makes positive economic profits in the long runc) produces standardized productsd)None of the above7. When demand is perfectly inelastic,
8. The Coase theorem shows that:
9. In oligopolistic industries:a) Strategic interdependence is an important featureb) There are only a few producersc) How competitive the industry is can be measured by the Herfindhal-Hirshmann indexd)All of the above
10. Sources of comparative advantage include:
11. In some industries, monopolists persist because:

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Principles of Economics
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Chapter 14 / Exercise 7
Principles of Economics
Mankiw
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