Question

or a market to exist: Multiple Choice government must guarantee equal treatment for all. individuals must be concerned with the social good. everyone must have identical wants and desires. private property rights must be allocated and defended by government.

Answer 1

Answer:

D. private property rights must be allocated and defended by government.

Explanation:

A property right is the exclusive or sole authority which determines the legal ownership of resources and how these resources are to be used, whether by individuals or government.

Also, a competitive market is a type of market that comprises of numerous producers who compete with each other so as to satisfy or meet the material needs and wants of consumers at a specific period of time.

Hence, for a market to exist, private property rights must be allocated and defended by government.

This ultimately implies that, when the ownership of resources are well defined and markets are competitive, all benefits from trade between the consumers and producers of goods and services has been maximized, and each units creating more benefit to the consumers than cost have been produced in the economy.