When Competition Is Present and Private Ownership Rights Are Clearly

question 66

Multiple Choice

When competition is present and private ownership rights are clearly defined and securely enforced,

• A) production and trade are encouraged and plunder (taking from others) is discouraged.
• B) people get ahead by helping others in exchange for income.
• C) employers will have to provide prospective employees with at least as good a deal as they could get elsewhere.
• D) all of the above are correct.

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Definitions:

Interpret Contracts

The process of determining the legal obligations and rights of the parties involved in a contract through examination of the contract's language and structure.

Genuine Assent

A true agreement to a contract evidenced by all parties' understanding and free will to enter into the contract without any deception, coercion, or undue influence.

Common Law

A body of unwritten laws based on legal precedents established by the courts, as opposed to statutes or regulations enacted by legislative bodies.

Offeror

The person or entity who makes a proposal or offer in a contract negotiation.