When no one owns a particular resource
A) property rights are clearly defined.
B) individuals have legal recourse for any damages caused to their resource.
C) no one has any incentive to consider externality spillovers associated with that resource.
D) positive externalities will arise.
Answer: C
Economics
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Which of the following statements does NOT describe a function of money?
A) a store of value B) a hedge against inflation C) a standard of deferred payment D) a unit of accounting
Economics
The possibility of a free rider exists:
a. in the presence of external costs and benefits. b. only in the presence of external costs. c. only in the presence of external benefits. d. only in the presence of internal costs. e. only in the presence of a government-produced good.
Economics