Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The economist, Ronald Coase, noted that it is common place in economics that almost all resources - are limited and recognizing that some mechanism has

The economist, Ronald Coase, noted that it is common place in economics that almost all resources - are limited and recognizing that some mechanism has to be employed to decide who, out of the many claimants, should be allowed to use the scarce resource. What mechanism does he recognize as common in the American economic system? Central Mechanism Chaos Mechanism Price Mechanism Opportunity Cost Mechanism

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of economics

Authors: N. Gregory Mankiw

6th Edition

978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042

More Books

Students also viewed these Economics questions

Question

Define and illustrate a cost object ?

Answered: 1 week ago