The phrase "double coincidence of wants" ________
A) is useful to explain why barter is an efficient practice
B) refers to two people who have similar tastes
C) suggests a quite improbable circumstance
D) clarifies the distinction between income and wealth
E) none of the above
C
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Which of the following is a characteristic of the oligopoly model?
a. The oligopoly market consists of only a small number of sellers. b. The sellers in an oligopoly market are price takers. c. The output decisions taken by sellers are uniform and steady. d. There are barriers to the exit of firms in an oligopoly market.
If the numerical value of the price elasticity of demand is 3, then a one-percent change in price will cause a(n)
a. larger percentage change in quantity demanded, so demand is elastic b. larger percentage change in quantity demanded, so demand is inelastic c. smaller percentage change in quantity demanded, so demand is elastic d. smaller percentage change in quantity demanded, so demand is inelastic e. equal percentage change in quantity demand, so demand is unitary elastic