The Proposition That,if Transaction Costs Are Low Enough and Property

question 118

Multiple Choice

The proposition that,if transaction costs are low enough and property rights are well-defined,the private market can achieve an efficient outcome,regardless of which of the affected parties hold the property rights,is known as the:

• A)Coase theorem.
• B)property rights paradigm.
• C)market rights theorem.
• D)green environment paradigm.

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Definitions:

1950s

The decade from 1950 to 1959, characterized by post-World War II recovery, the beginning of the Cold War, and significant cultural and technological changes in many parts of the world.

Agricultural System

A structure involving the cultivation of plants and rearing of animals for food, fiber, biofuel, medicinal plants, and other products used to sustain and enhance human life.

The South

Often refers to the developing countries located primarily in the Southern Hemisphere, many of which face challenges such as poverty, inequality, and underdevelopment.

Highway Construction

The process of planning, designing, and building roads and highways, a critical infrastructure development for transportation efficiency.