A barter exchange
A) always takes place without greed on behalf of the trading parties.
B) takes place without money.
C) tends to have lower transaction costs compared to exchanges using money.
D) is characterized by all of the above.
B
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Refer to Figure 3.1. What is the number of outcomes which represent Nash equilibria in this game?
A) 1 B) 2 C) 3 D) 4
If consumers believe the price of tablet computers will increase in the future, this will cause the demand for tablet computers to decrease now
Indicate whether the statement is true or false
Although a monopoly can charge any price it wishes, it chooses:
a. the highest price. b. price equal to marginal cost. c. competitive prices. d. a fair price. e. the price that maximizes profit.
If a price ceiling were established above the equilibrium price,
A) it would have no effect on the quantity demanded. B) it would create a shortage. C) it would create a surplus. D) none of the above.