Answered: Once the buyer and seller agree on a…

Once the buyer and seller agree on a price and exchange the product, a total surplus is "realized" as the "gains from trade." True or false?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 1P

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Question

Once the buyer and seller agree on a price and exchange the product, a total surplus is "realized" as the "gains from trade."

True or false?

Definition Definition Any of the various net benefits or net gains that a country or trader makes by participating in international trade.

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