When competition is present and private ownership rights are clearly defined and securely enforced,
A) production and trade are encouraged and plunder (taking from others) is discouraged.
B) people get ahead by helping others in exchange for income.
C) employers will have to provide prospective employees with at least as good a deal as they could get elsewhere.
D) all of the above are correct.

Question

Quizplus · Accepted Answer

When competition is present and private ownership rights are clearly defined and securely enforced, production and trade are encouraged and plunder (taking from others) is discouraged. This leads to an increase in economic activity that benefits society as a whole. Furthermore, people get ahead by helping others in exchange for income, which encourages cooperation and innovation. Finally, employers will have to provide prospective employees with at least as good a deal as they could get elsewhere in order to attract and retain the best talent. Therefore, all of the above statements are correct.

When Competition Is Present and Private Ownership Rights Are Clearly