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Which of the following reflects the basic concept behind the Coase Theorem?


it applies only to circumstances in which property ownership is clearly defined, externalities are extensive and bargaining costs are high.


it applies to situations where property rights cannot be determined, the parties involved are large and numerous, but externalities are minimal.


it states that in some circumstances majority voting will provide clear solutions to property rights disputes.


it suggests that in some circumstances government intervention is not needed to resolve property rights disputes


it applies to all circumstances where property rights are in dispute.

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