When Competition Is Present and Private Ownership Rights Are Clearly

question 106

Multiple Choice

When competition is present and private ownership rights are clearly defined and securely enforced by the legal system, business firms will have a strong incentive to

• A) innovate and develop better products and lower cost production methods.
• B) spend time attempting to plunder (take) the resources of others.
• C) engage in wasteful activities that increase the cost of producing goods and services.
• D) use resources during the current period rather than conserving them for the future.

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Definitions:

Fifteenth Amendment

An amendment to the U.S. Constitution granting African American men the right to vote, ratified in 1870 as part of the Reconstruction-era amendments.

African American Males

Refers to male individuals of African descent living in the United States, who may experience unique social, economic, and cultural contexts.

Voting Rights

Legal rights ensuring individuals the opportunity to participate in the electoral process, including the right to vote in elections.

Electorate

The body of people entitled to vote in an election, often encompassing all adult citizens of a country or region.