Even-handed enforcement of contracts fuels economic prosperity because it
What will be an ideal response?
Promotes gains from trade by minimizing the costs of entry and enforcements of contracts.
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Assume there is a simultaneous decrease in the incomes of people in the market for new homes and a decrease in the wages paid to carpenters, plumbers, and electricians
All else constant, we can predict, with certainty, that in the market for new homes the equilibrium: A) quantity of new homes will decrease. B) quantity of new homes will increase. C) price of new homes will decrease. D) price of new homes will increase.
The idea that competition is in some circumstances insufficient to achieve allocative efficiency ensure fairness to consumers and competing firms, is most closely associated with which anti-trust perspective?
A. Laissez-faire B. Herfindahl C. Passive D. Active