The Coase theorem states that interested parties will negotiate to correct externalities if two assumptions are met. What are those two assumptions? No barriers to negotiation. AND All parties agree on the value of the externality. No barriers to negotiation. AND Property rights are well-defined. Property rights are well-defined. AND All parties agree on the value of the externality. All parties agree on the value of the externality. AND Parties have mutual respect for each other.

Economics (MindTap Course List)
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ISBN:9781337617383
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Chapter30: Market Failure: Externalities, Public Goods, And Asymmetric Information
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The Coase theorem states that interested parties will negotiate to correct externalities if two assumptions are met. What are those two assumptions?

No barriers to negotiation. AND All parties agree on the value of the externality.
No barriers to negotiation. AND Property rights are well-defined.
Property rights are well-defined. AND All parties agree on the value of the externality.
All parties agree on the value of the externality. AND Parties have mutual respect for each other.
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