Property rights
A) are essentially arbitrary. Therefore, rearranging them will have few effects.
B) do not really exist except in a capitalist society.
C) are a major part of the "rules of the game", which govern economic activity.
D) prevent people from cooperating in the most effective way.
E) are different from human rights.
C
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Firms in long-run equilibrium in a perfectly competitive industry will produce at the low points of their average total cost curves because
a. free entry implies that long-run profits will be zero no matter how much each firm produces. b. firms seek maximum profits and to do so they must choose to produce where average costs are minimized. c. firms maximize profits and free entry implies that maximum profits will be zero. d. firms in the industry desire to operate efficiently.
What is the nature of the elasticity of the demand curve faced by perfectly competitive firm?
a. Perfectly inelastic b. Perfectly elastic c. Unit elastic d. Highly elastic