Some years ago, conservation groups paid cattlemen in the Western United States to move their herds away from wild buffalo herds so that the buffalo would have more feed and would not have to compete with the cattle. What is the relevance of the Coase Theorem in this case?
8. A determinant of the price elasticity of supply is the extent to which
A. Consumers like the quality of the good.
B. The demand for the good is relatively elastic.
C. Production of the good uses commonly available resources.
D. The good has many consumer substitutes.