A double coincidence of wants means that
a. wanting a good means having the money to actualize that want
b. goods satisfy wants as well as needs
c. the goods you want are wanted by others as well
d. if you want a good, you have to have something that the owner of the good wants
e. if you want a good, it's strictly accidental whether the good you want will be supplied
D
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A way to summarize the actions and payoffs of a sequential game is to use a:
A. payoff tree. B. decision matrix. C. flowchart. D. decision tree.
Assuming a reserve ratio of 10 percent, if a bank sells $200,000 in securities how much can the bank loan out?
A. $180,000 B. $20,000 C. $100,000 D. $2,000,000
If a monopolist produces to a point at which marginal revenue is less than marginal cost then
A. the firm should increase output. B. the firm should reduce output. C. the firm is maximizing profits. D. we do not know if the firm should increase or reduce without more information.
Refer to the data. If the firm closed down in the short run and produced zero units of output, its total cost would be:
A. zero.
B. $50.
C. $150.
D. $100.