A successful market economy requires well defined property rights and
A)balanced supplies of all factors of production.
B)an independent court system to adjudicate disputes based on the law.
C)detailed government regulations.
D)a safety net to ensure that those who cannot participate in the market economy can earn an income.

Question

Quizplus · Accepted Answer

An independent court system to adjudicate disputes based on the law is necessary for protecting property rights and ensuring fairness in market transactions. Balancing supplies of factors of production, detailed government regulations, and a safety net may all have a role in supporting a market economy, but they are not as essential as well-defined property rights and an independent court system.

A Successful Market Economy Requires Well Defined Property Rights and