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Microeconomics 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
Edition 13ISBN: 978-0538452281Microeconomics 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
Edition 13ISBN: 978-0538452281 Exercise 1
"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 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
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