In a Zero Sum Game

question 18

Multiple Choice

In a zero sum game

• A) collaboration can make everyone better off.
• B) mutually beneficial gains are possible.
• C) one person's gain is the other person's loss.
• D) both players will be worse off.
• E) both players will be better off.

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Definitions:

Property Rights

Legal rights to possess, use, and dispose of assets including tangible and intangible property.

Negative Externality

A cost that affects a third party who did not choose to incur that cost, often associated with pollution or public health issues.

Ronald Coase

A British economist known for his work on transaction costs, property rights, and the theory of the firm.

Negative Externalities

Unintended and unfavourable outcomes or costs imposed on a third party not involved in a transaction or activity.