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Inefficient
Can make one or more person better off without any harm
What is efficient if your roommate has property rights?
Pay them
What is efficient if you have property rights?
Roommate pays you
What happens when property rights for valuable resources are not assigned?
Resource is overexploited and wasted
Tragedy of the commons
Tendency for a resource that has no price to be used until its MB falls to 0
Note 
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