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Microeconomics 14th Edition by James Gwartney ,Richard Stroup,Russell Sobel ,David Macpherson
Edition 14ISBN: 978-1305506893Microeconomics 14th Edition by James Gwartney ,Richard Stroup,Russell Sobel ,David Macpherson
Edition 14ISBN: 978-1305506893 Exercise 7
"If Jones trades a used car to Smith for $5,000, nothing new is created. Thus, there is no way the transaction can improve the welfare of people." Is this statement true? Why or why not?
Explanation
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No, the statement is incorrect because e...
Microeconomics 14th Edition by James Gwartney ,Richard Stroup,Russell Sobel ,David Macpherson
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