Multiple Choice
When transaction costs are positive:
A) property rights are absent.
B) the marginal value of rights is equal to their marginal costs in equilibrium.
C) property rights are fully defined.
D) the marginal value of rights is larger than to their marginal costs in equilibrium.
Correct Answer:
Verified
Correct Answer:
Verified
Q8: National Defense is largely provided by public
Q9: The fundamental reason for the existence of
Q10: The price charged for a nonrivalrous good
Q11: Market demand for a public good is:<br>A)obtained
Q12: Non- zero transaction costs are a result
Q14: Transaction costs exist because:<br>A)the information is costly.<br>B)the
Q15: Jim the welder likes to smoke cigars,
Q16: Externalities result because:<br>A)the rules of the game
Q17: Which of the following is not a
Q18: Why are transaction costs fundamental for the