Asked by

harmn Singh
on Nov 26, 2024

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Which of the following is the best example of a market failure to conserve a resource resulting from poorly defined property rights?

A) preserving elephants in Africa
B) drilling for oil in Saudi Arabia
C) mining of oil shale in Canada
D) hunting of deer in the United States

Market Failure

A scenario where goods and services are distributed in a way that isn't optimal, frequently resulting in a reduction of overall societal well-being.

Property Rights

Legal rights to possess, use, and dispose of assets including real property and intellectual property.

Conserve

To protect from harm or destruction, especially regarding natural resources or the environment, through careful management.

  • Clarify the contribution of property rights to the preservation and harvest of natural resources.
  • Evaluate the implications of overextending resource extraction and insufficiently defined property rights on the conservation of resources.
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Dayla FennalNov 29, 2024
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