What is economic value of an exchange?
Economic value of an exchange is defined as the difference between the buyer's valuation of the good and the seller's opportunity cost of parting with the good.
Economics
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Which of the following would be categorized as "land"?
A) timber B) human capital C) buildings D) entrepreneurship
Economics
Suppose a market is currently at equilibrium. A leftward shift of the demand curve would cause
A) an increase in price but a decrease in quantity. B) a decrease in price but an increase in quantity. C) an increase in both price and quantity. D) a decrease in both price and quantity.
Economics