When Property Rights Are Assigned and Transactions Costs Are Low

question 252

Multiple Choice

When property rights are assigned and transactions costs are low

• A) all costs and benefits are taken into account by the transacting parties so the transaction is efficient.
• B) externalities will lead to market failure.
• C) the marginal social benefit curve shifts leftward.
• D) the marginal social cost curve shifts rightward.

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Definitions:

Persistent Vegetative State

A condition of patients with severe brain damage who are in a state of partial arousal rather than true awareness, showing minimal to no cognitive function.

Decreasing Consciousness

A reduction in alertness or awareness, leading to symptoms ranging from drowsiness to unresponsiveness.

Coma

A state of deep unconsciousness that lasts for a prolonged period, from which a person cannot be awakened, typically caused by severe illness or brain injury.

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A diagnostic imaging technique that uses computer-processed combinations of many X-ray measurements taken from different angles to produce cross-sectional images of specific areas of a scanned object.