For a pure public good: I. Consumption is non-rival and non-excludable. II. Efficient provision requires vertical summation of individual demand curves. III. The free-rider problem arises due to non-rivalry. IV. Lindahl equilibrium ensures voluntary revelation of preferences. Which of the above statements are correct?

The exclusion principle is NOT applicable to which of the following goods?

Given below are two statements: Statement I: The Coase Theorem states that in the presence of externalities, efficient outcomes are achievable through private bargaining between affected parties, regardless of the initial assignment of property rights, as long as property rights are well-defined and transaction costs are zero. Statement II: The Coase Theorem implies that government intervention (e.g., Pigouvian taxes) is always unnecessary for correcting externalities, even when transaction costs are positive. Choose the correct answer: