MYECONLAB+ETEXT+KNAPP 104 STUDENT PACKET
MYECONLAB+ETEXT+KNAPP 104 STUDENT PACKET
6th Edition
ISBN: 9781323477816
Author: HUBBARD/KNAPP
Publisher: PEARSON C
Question
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Chapter 25, Problem 25.1.1RQ
To determine

Coincident demand.

Expert Solution & Answer
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Explanation of Solution

In this case, economists call the problem as a double coincidence of wants because it takes place between two people and each person wants to trade what the other person has.

Economics Concept Introduction

Concept introduction:

Double coincidence of wants: Batter economy takes places between two people; in this, each person must want what the other one has. This is known as the double coincidence wants.

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