If Libby can produce 20 gallons of beer or 5 gallons of wine per hour, her opportunity cost of one gallon of beer is 4 gallons of wine

The exclusive rights of ownership that allow the use, transfer, and exchange of property are called

A) common property rights. B) private property rights. C) transaction costs. D) social benefits.

Market failure occurs when

A) the price system fails to generate an efficient allocation of resources. B) the price system fails to generate an equal distribution of income. C) the price system fails to generate an equal distribution of wealth. D) the price system allows consumers to make their own decisions.