When an individual has the economic property right over a resource they are:
A)constrained by the rules of the game.
B)faced with positive transactions costs.
C)able to act like monopolists.
D)able to exercise choices freely.

Question

Quizplus · Accepted Answer

When an individual has the economic property right over a resource, they have the freedom to exercise choices related to the use and disposition of that resource. They are not necessarily constrained by rules or faced with high transactions costs, but they may have the ability to act like a monopolist depending on the characteristics of the resource and the market. However, the key feature of property rights is the ability to exercise control and make choices over the resource.

When an Individual Has the Economic Property Right Over a Resource