When Property Rights Are Well Defined and Markets Are Competitive

question 367

Multiple Choice

When property rights are well defined and markets are competitive, the

• A) market equilibrium violates the conditions for economic efficiency.
• B) market equilibrium is consistent with economic efficiency.
• C) conditions necessary for economic efficiency no longer apply.
• D) quantity supplied will rarely equal the quantity demanded.

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Definitions:

Progressive Discipline

A system of dealing with job-related behavior that does not meet expected and communicated performance standards, starting with the least severe action.

Organisational Expectations

The standards, goals, and performance criteria that an organization sets for its employees or members to guide their behavior and work output.

Clan Control

Influences behaviour through norms and expectations set by the organisational culture.

Bureaucratic Control

A system of managing an organization through a hierarchical structure with strict rules and procedures.