What are the terms of exchange and how are these terms related to the price?
What will be an ideal response?
The terms of exchange are the terms under which trading takes place. Usually, the terms of exchange specify the price at which the good is traded, which is determined by the interaction of supply and demand.
Economics
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Which of the following men has NOT served as Chairman of the Board of Governors?
A) Milton Friedman B) Arthur Burns C) Paul Volcker D) Alan Greenspan
Economics
If information is asymmetric, explain why the hire contract is not efficient in production and a moral hazard exists, but the fixed fee to the principal contract is efficient and does not pose a moral hazard problem
What will be an ideal response?
Economics