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Economics 13th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson
Edition 13ISBN: 9780538754279Economics 13th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson
Edition 13ISBN: 9780538754279 Exercise 10
"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 not true. The buyin...
Economics 13th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson
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