For resources whose property rights are not well-defined or well-enforced,
A) people have an incentive to acquire as much of the resource as possible for themselves before someone else does.
B) people have no incentive to acquire the resource since they do not have the property rights to that resource.
C) people have little incentive to acquire the resource because if the the property rights are not well-defined or well-enforced, they are most likely of little value.
D) people have an incentive to acquire a limited amount of that resource for personal use, but no more than they can use personally.
A
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Firm A charges $8.50 for each unit of Good X. If the average total cost of producing 1,000 units of Good X is $12 and the market for Good X is monopolistically competitive, Firm A ________ by producing 1,000 units of Good X
A) earns a profit of $3,500 B) earns a profit of $1,000 C) incurs a loss of $1,000 D) incurs a loss of $3,500
The U.S. is the world's largest creditor
Indicate whether the statement is true or false