Multiple Choice
Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A) Joe and Mary can make a mutually beneficial exchange.
B) Joe and Mary cannot make a mutually beneficial exchange.
C) Joe and Mary will not trade in equilibrium.
D) Joe and Mary will only trade if the equilibrium price is less than $1.
Correct Answer:
Verified
Correct Answer:
Verified
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