Property rights are a. the rights government has to the exclusive use of all property, including the right to buy or sell it. b. the rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it. c. the rights individuals or firms have to the exclusive use of their property, excluding the right to buy or sell it. d. the rights individuals or firms have to the exclusive use of their property within individual culturally defined norms which are inconsistent in each area of the united states.

10. problems and applications q10 a market is described by the following supply-and-demand curves: qsqs = = 2p2p qdqd = = 300â’p300â’p the equilibrium price is $ and the equilibrium quantity is . suppose the government imposes a price ceiling of $90. this price ceiling is , and the market price will be $ . the quantity supplied will be , and the quantity demanded will be . therefore, a price ceiling of $90 will result in . suppose the government imposes a price floor of $90. this price floor is , and the market price will be $ . the quantity supplied will be and the quantity demanded will be . therefore, a price floor of $90 will result in . instead of a price control, the government levies a tax on producers of $30. as a result, the new supply curve is: qsqs = = 2(pâ’30)2pâ’30 with this tax, the market price will be $ , the quantity supplied will be , and the quantity demanded will be . the passage of such tax will result in .