Markets Can Exist

question 103

Multiple Choice

Markets can exist:

• A) with or without property rights.
• B) only if there are property rights.
• C) only if there is perfect information.
• D) only if all goods are private.

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Definitions:

Enable

To activate or allow a system or device to operate, often controlled by an electronic or mechanical switch.

Three-Wire

A wiring system that consists of a phase wire, a neutral wire, and a protective ground wire, commonly used in residential and commercial settings.

Energized

To be energized means to supply or be supplied with electric power, causing a device, circuit, or component to become active or operative.

Normally Closed

A term used to describe a state of a switch or relay when its contacts are closed, allowing current to flow, in the absence of an actuating signal.