The Idea That Resource Allocation Can Remain Efficient,even in the Presence

question 33

Multiple Choice

The idea that resource allocation can remain efficient,even in the presence of externalities,as long as property rights are clearly assigned and transaction costs are low is referred to as the:

• A)law of demand.
• B)Black/Schloes formula.
• C)Coase Theorem.
• D)law of diminishing returns.

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Definitions:

Unpredictable Change

Refers to alterations in environmental, social, or other factors that cannot be anticipated with current knowledge or technology, often leading to significant impact on ecosystems or societies.

Hardy-Weinberg Principle

A principle that describes the genetic equilibrium within a population, stating that allele and genotype frequencies remain constant from generation to generation in the absence of evolutionary influences.

Royal Families

Hereditary ruling dynasties characterized by a succession of sovereigns from the same family, often maintaining political power through generations.

Hardy-Weinberg Principle

The concept that in the absence of evolutionary forces, the proportions of both alleles and genotypes within a population will not vary from one generation to the next.