Which of the following best illustrates the double coincidence of wants?
a. Both Tom and Jerry would like to purchase the same good
b. Tom has something he's willing to trade with Jerry; Jerry has something he's not willing to trade with Tom.
c. Tom and Jerry have very similar tastes; hence, Tom's wants coincide with Jerry's.
d. Tom has something he's willing to trade with Jerry, who wants it; Jerry has something he's willing to trade with Tom, who wants it.
e. Tom has something Jerry wants; Jerry has nothing Tom wants.
d
You might also like to view...
Property rights that are granted to the creators of original work to produce and sell that work are called
A) trademarks. B) copyrights. C) patents. D) exclusive franchises.
If an industry's long-run average total cost curve has an extended range of constant returns to scale, this implies that:
A. technology precludes both economies and diseconomies of scale. B. the industry will be a natural monopoly. C. both relatively small and relatively large firms can be viable in the industry. D. the industry will be comprised of a very large number of small firms.