Which of the Following Best Describes a Double Coincidence of Wants

question 88

Multiple Choice

Which of the following best describes a double coincidence of wants?

• A)Two buyers want the same good.
• B)Neither buyer wants a good.
• C)You have what another wants and you want what they have.
• D)A buyer and a seller rather than two buyers or two sellers must meet.
• E)None of the above answers is correct.

Understand the concept of externalities and how they affect social costs and benefits.

Calculate the social cost of producing goods in the presence of external costs.

Evaluate the effects of externalities on the efficiency of the market outcomes.

Identify and justify the use of taxes or subsidies to achieve social optimum.

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Definitions:

Cytosine

A pyrimidine base found in DNA and RNA that pairs with guanine during the nucleic acid synthesis.

Base Pairs

The pairs of nucleotides (adenine with thymine, and cytosine with guanine) in DNA that form the rungs of the double helix structure, fundamental for DNA replication and genetic information.

Catastrophism

The idea that Earth’s geological features are the result of sudden, short-lived, violent events, contrary to gradualism.

Great Flood

A mythical or historical event featured in various cultures' lore involving a catastrophic deluge that covers the Earth or a significant portion of it.