The ability of an individual to own and exercise control over scarce resources is called
A)market failure.
B)property rights.
C)externality.
D)market power.

Question

Quizplus · Accepted Answer

Property rights refer to the legal rights to possess, use, and dispose of assets, including the ability to control one's own resources. This concept is fundamental in economics for the efficient allocation and use of resources.

The Ability of an Individual to Own and Exercise Control