Incomplete property rights create transactions costs because
a. any party wanting to use the disputed resource does not have a fixed group with which to bargain.
b. the use of the disputed resource cannot be fully monitored by the government.
c. no one can prevent people from using the disputed resource for free.
d. others may receive a higher value from the disputed resource that those who own the property right to it.
a. any party wanting to use the disputed resource does not have a fixed group with which to bargain.
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A change in any of the ceteris paribus conditions for demand leads to a
A) a good going from an inferior good to a normal good. B) movement along the demand curve. C) shift of the demand curve. D) change in supply.
In the circular flow model, firms purchase in the
a. money market and sell in the product market b. product market and sell in the resource market c. resource market and sell in the money market d. product market and sell in the product market e. resource market and sell in the product market