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"A sheep rancher leased the mineral rights beneath her grazing land to an oil company. She fears that discharges from the oil wells will pollute her underground water resources. Consequently, the contract for the sale of mineral rights requires that the rancher and the oil company reach a mutually agreeable solution to the water contamination problem should it occur. If this bargaining fails to reach a conclusion acceptable to both sides, the mineral rights lease will be terminated automatically, and the rancher will be required to retorn a portion of the lease proceeds to the oil company. The portion that must be returned to the oil company is to be determined through a procces of blinding arbitration. Discuss likely outcomes should this problem arise. No limit of word."

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M953633

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