Business, 25.03.2020 05:47, rebeccathecatt

"Suppose all five ranchers know that Mariana has $3 million to spend on their land and they also know that their land that Mariana needs is worth a total of $2 million. Each rancher believes that one or more of the other ranchers will settle for less than the maximum value of their land and therefore each decides to ask Mariana to pay $750,000 for their parcel of land. The logical outcome in this situation is for the railway , and the benevolent social planner is ."

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"Suppose all five ranchers know that Mariana has $3 million to spend on their land and they also kno...