The Creation of Markets That Were Previously "Missing

question 82

Multiple Choice

The creation of markets that were previously "missing":

• A) can create winners and losers.
• B) increases total surplus.
• C) benefits those who interact in the new markets.
• D) All of these are true.

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Definitions:

Living Trust

A trust created by the grantor (settlor) and effective during his or her lifetime.

Intestacy Law

Legal provisions that govern the distribution of a deceased person's estate when they die without a valid will, determining how assets are allocated among survivors.

Estate Planning

Planning in advance how one’s property and obligations should be transferred on one’s death. Wills and trusts are two basic devices used in estate planning.

Duty of Loyalty

An obligation of fiduciaries, such as corporate directors or trustees, to act in the best interest of their beneficiaries or the corporation without conflict of interest.