To Create a Market

question 12

Multiple Choice

To create a market

• A)roles must be assigned.
• B)agents need instructions.
• C)property rights must be defined.
• D)transactions costs must be zero.

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Definitions:

Liability

Liability is the legal responsibility to settle debts or legal claims. This encompasses both financial obligations and the duty to compensate for harm or damage caused.

Negotiable Instrument

A document in writing that promises to pay a designated sum of money, either when asked or at a predetermined time, with the document specifying who must make the payment.

Signs

Objects, gestures, or marks used to convey information, instructions, or identifications.

Primary Liable

Being the first or main party responsible for fulfilling an obligation or compensating for damages.