Problem
The Coase Theorem Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low, why does the assignment of property rights to the stream lead to the same (efficient) level of pollution whether the firm or recreational users own the stream?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.