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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

If you were on an island with 10 other people and there were no money, do you think that money would emerge on the scene? Why or why not?

To determine

The emergence of money.    

Explanation

Generally, people always try to maximize their utility by reducing the transaction cost. Money has the greatest acceptability in exchange, it makes transactions easier. Although, in the absence of money people will find another way to make exchanges...

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