Violation of Property Rights Done Through Legal Mechanisms Such as Levying

question 56

Multiple Choice

Violation of property rights done through legal mechanisms such as levying excessive taxation and requiring expensive licenses or permits from property holders is called

• A) private action.
• B) collective action.
• C) public action.
• D) copyright violation.

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Definitions:

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies while the other players' strategies remain unchanged.

Payoff

The benefit or return that one receives as a result of an investment or action; a rephrasing of economic payoff emphasizing the outcome aspect.

Cartel

An association of independent businesses or countries that work together to control prices and limit competition for their mutual benefit.

Incentive

A benefit, reward, or cost that motivates an economic agent to engage in a particular course of action.