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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

“Money is a means of lowering the transaction costs of making exchanges.” Do you agree or disagree? Explain your answer.

To determine

Explain the role of money to reduce the transaction cost of making trades.

Explanation

In the barter system, the absence of double coincidence increases the transaction cost between two parties. Each person needs to find another one to meet their wants. To overcome these type of problems associated with the barter system, people came with the idea of money. The most acceptable and liquid asset...

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