The price system features
A) exchanges made in currency only.
B) voluntary exchange that makes both the consumer and producer better off.
C) exchanges made only on a barter basis.
D) an exchange in which consumer is made better off and the producer is made worse off.
B
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From 1980 through 2010, the debt-to-GDP ratio in the United States
A) is considered high by U.S. historical standards. B) has more than quadrupled. C) has slowly declined. D) has remained about average compared to countries in the OECD.
For which situation would we expect the adjustment speed to be the fastest?
A) The demand for surgeons increases. B) A large increase in birth rates leads to an increase in elementary school teachers. C) The demand for movie videos increases. D) The demand for office space in downtown Chicago increases.