The fair rules approach to fairness requires
A) consumer surplus equals producer surplus.
B) income transfers from rich to poor.
C) property rights and voluntary exchange.
D) that marginal cost equal marginal benefit.
E) consumer surplus exceed producer surplus because there are more consumers than producers.

Question

Quizplus · Accepted Answer

The fair rules approach to fairness requires property rights and voluntary exchange. This means individuals have the right to own and exchange their property, goods, and services voluntarily without coercion from others. This approach upholds the principles of free markets and individual freedom, and it does not require income transfers or specific ratios of consumer and producer surplus.

The Fair Rules Approach to Fairness Requires