Which of the following best describes the characteristics of a set of property rights that are consistent with the achievement of economic efficiency?
a. specified, nonexclusive, nonrival, enforced
b. nonexclusive, rival, enforced, transferable
c. exclusive, rival, enforced, nontransferable
d. specified, exclusive, transferable, enforced
e. specified, exclusive, nonrival, enforced
D
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If both players in a game have a dominant strategy, then the game they are playing
A) has no Nash equilibrium. B) must have one Nash equilibrium. C) must have two Nash equilibria — one for each player. D) More information is needed to determine the number of Nash equilibria in the game.
Refer to Figure 5-9. The efficient output is
A) Q1. B) Q2. C) Q3. D) Q4.
Suppose the government does not provide an incentive payment to producers under a production quota policy, and the amount that may be produced and sold by firms is limited by law in order to raise the market price to the support price
Do producers still gain surplus value under this version of the production quota policy? A) Yes, they would always achieve a larger producer surplus under this version of the policy B) Yes, as long as the surplus value gained from consumers exceeds the amount of producer surplus lost from production quantities that are no longer produced C) No, they would always face a decrease in producer surplus without the government incentive payment D) No, the change in producer surplus is always negative due to the gains achieved by consumers
A monopoly firm is a ______________ and faces a __________ sloping demand curve
a. Price taker; horizontal b. Price maker; horizontal c. Price maker; downward d. Price taker; downward