If Transaction Costs Are Low and Property Rights Are Clearly

question 121

True/False

If transaction costs are low and property rights are clearly identifiable, an efficient market equilibrium can be achieved even when externalities exist.

---

Definitions:

Sociological Definition

A sociological definition involves understanding terms, concepts, and phenomena from the perspective of their impact on and relation to society, emphasizing their social contexts and functions.

Profession

A disciplined group of individuals who adhere to ethical standards and possess specialized knowledge and skills in a significant field of human endeavor.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, sex, or disability.

Emergency Room

A specialized department in a hospital that provides immediate treatment for acute illnesses and injuries.