Sia
Question
Macroeconomics
Posted 7 months ago
What is necessary for the effective functioning of a market system?
Choose 1 answer:
(A) centrally coordinated prices
(B) central control of resources of production
(c) prohibitions on transferring ownership
(D) well-defined system of property rights
(E) weak enforcement of ownership claims
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Answer from Sia
Posted 7 months ago
D
Key Concept
Property Rights
Explanation
A well-defined system of property rights is essential for the effective functioning of a market system because it ensures that individuals and businesses have the security and incentive to invest in and exchange goods and services, which is fundamental for market transactions and economic growth.
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