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A legal system that provides secure private property rights and unbiased enforcement of contracts

Economists generally oppose government price controls because

A point outside the production possibilities curve represents a combination of goods that is

Other things constant, as the price of a resource increases,

A black market is a market

The government enforces property rights by

In economics, transaction costs refer to the

The term “deadweight loss” or “excess burden” is used to describe the

A point on the production possibilities curve represents a combination of goods that is

In voluntary exchange, if the seller of a product gains,