Barter requires a double coincidence of wants. This means that:
a. at least two traders must demand a commodity.
b. any two traders involved in a transaction must have money.
c. each trader must demand at least two commodities.
d. either of the two traders involved in a transaction must have money.
e. when two traders are involved in a transaction each trader must want what the other has to offer.
e
Economics
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Contractionary monetary policy will result in
A) higher interest rates. B) increased rates of inflation. C) a leftward shift in the long-run Phillips curve. D) an upward shift in the short-run Phillips curve.
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In order to maximize profits, a firm should decrease output whenever total cost exceeds total revenue
a. True b. False
Economics