When private ownership rights are well-defined and enforced, owners of physical assets and resources
a. have no incentive to consider the desires of others.
b. incur the opportunity cost of ignoring the wishes of others.
c. are not responsible if the use of their assets impose harm on others.
d. have little incentive to take care of their assets.
B
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An advance in technology that results in increased productivity results in a
A) rightward shift of the labor supply curve. B) rightward shift of the labor demand curve. C) rightward shift of both the labor supply and labor demand curves. D) no change to the production function.
In a two-good, two country world, if one country has a comparative advantage in the production of one good, it can benefit by trading with the other country
Indicate whether the statement is true or false
Suppose the demand for a good is currently unit elastic over the relevant range. Then a new substitute good is introduced to the market. As a result, demand over that range is now likely to be a. Unit elastic
b. Relatively elastic. c. Relatively inelastic. d. Perfectly elastic.
With a monopoly, the total surplus is lower than it would be with a perfectly competitive industry
a. True b. False Indicate whether the statement is true or false