Which of the following is not true?
A) In a competitive market, in the long run, price will equal marginal cost.
B) For resource allocation to be efficient, property rights must be exclusive and nontransferable.
C) A common property resource is unlikely to be allocated efficiently in the marketplace.
D) All of the above are true.

Question

Quizplus · Accepted Answer

Property rights must be exclusive but transferable to ensure efficient resource allocation. Nontransferable property rights may lead to underutilization or inefficient allocation of resources.

Which of the Following Is Not True