Which of the following is not included in the rules of the game?
A)The laws,customs,conventions,and other institutional elements associated with trade
B)Property rights
C)Ensuring that the market process generates a fair price for all
D)A stable political environment
E)A stable legal system

Question

Quizplus · Accepted Answer

The rules of the game refer to the institutional framework within which economic exchange takes place. Property rights, a stable political environment, and a stable legal system are all important components of the rules of the game. However, ensuring that the market process generates a fair price for all is not explicitly included as a rule of the game. While markets ideally generate prices that reflect supply and demand conditions, there is no guarantee that these prices will always be fair or equitable for all participants.

Which of the Following Is Not Included in the Rules