Since It Is Difficult to Establish and Enforce Ownership Rights

question 82

True/False

Since it is difficult to establish and enforce ownership rights over air,people have less incentive to preserve air quality than if its ownership was clearly defined.

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Definitions:

Supply

Supply is the total amount of a specific good or service available to consumers, and it increases or decreases based on the good's price.

Demand

The desire for a particular good or service coupled with the ability and willingness to pay for it.

Substitutes

Goods or services that can be used in place of each other where the presence of one reduces the demand for the other.

Supply

The total amount of a product or service that is available to consumers in the market at current prices.