Read the text and answer the question.
mikayla is two years older than jessica and recently got her driver's license. mikayla offered to sell jessica her old bicycle for $75. she told jessica that the bicycle was in excellent condition and recently had new brake pads put on. jessica gladly paid mikayla $75, but she crashed the first time she rode the bicycle. after taking the bicycle to the shop, she discovered that the brake pads were worn and needed replacing.
was the trade between mikayla and jessica voluntary?
a
no, because neither party benefited from the trade.
b
yes, because both parties agreed to the trade willingly.
c
no, because the trade was based on fraudulent information.
d
yes, because at least one party received a benefit from the trade.

Suppose the marginal damage and marginal benefit curves in a polluted neighborhood are md = p/3 and mb = 4 – p. also, suppose that transactions costs are low, so that the consumers and the firm can bargain. we saw that in this case, the socially-optimal level of pollution is achieved. start by computing the socially-optimal p. then, for each of the following cases, compute the amount of money transferred through the bargaining process, and indicate who pays whom (i.e., whether consumers pay the firm, or vice versa). also, compute the gains to each party relative to the status quo (i.e., the starting point of the bargaining process).a)consumers have the right to clean air; firm is dominant in the bargaining process.b)consumers have the right to clean air; consumers are dominant in the bargaining process.c)firm has the right to pollute; firm is dominant in the bargaining process.d)firm has the right to pollute; consumers are dominant in the bargaining proces

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