Private markets can allocate resources optimally
a. under all circumstances
b. only if property rights are well defined and can be easily enforced
c. whenever property rights are well defined, regardless of whether they can be easily enforced
d. whenever property rights can be easily enforced, regardless of whether they are well defined
e. whenever there is no government intervention in the market
Question 2
Suppose that with two fro-yo machines, 12 workers produce eight quarts of fro-yo. If the marginal product of the thirteenth worker is two quarts, then
a. thirteen workers produce ten quarts
b. thirteen workers produce two quarts
c. the thirteenth worker alone produces ten quarts
d. the law of diminishing returns cannot be operating in this example
e. diminishing returns must begin with the thirteenth worker
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