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In the United States, the farmers pay beekeepers to pollinate their crops, makin...
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In the United States, the farmers pay beekeepers to pollinate their crops, making the “external benefit” internalized. As a result, the beekeepers earn money from the pollination of fruits and vegetables and so expand production toward efficient quantity. What are the conditions required to achieve market efficiency for pollination?
(I) Transaction costs are low
(II) Property rights are clearly defined
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