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Farmer or the rancher owns the lake

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Assume costless negotiation. A farmer and a rancher are located on opposite sides of a lake. If the farmer uses fertilizer, then the rancher is unable to use the lake's water for her cattle. True, false or Uncertain: According to the Coase Theorem, the rancher should not care whether the farmer or the rancher owns the lake. Explain why for your answer.

Reference no: EM131459779

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