Which of the Following Represents a Double Coincidence of Wants

question 72

Multiple Choice

Which of the following represents a double coincidence of wants?

• A) Smith has what Jones has and neither wants what the other has.
• B) Smith has what Jones wants but Jones doesn't have what Smith wants.
• C) Smith has what Jones wants and Jones has what Smith wants.
• D) Smith wants what Jones has,Jones wants what Brown has,and Brown wants what Smith has.
• E) none of the above

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Definitions:

Opportunity Cost

Opportunity cost represents the value of the best alternative that is foregone when making a choice, highlighting the trade-offs involved in any decision.

Loads of Laundry

Quantity of laundry being washed and dried in a single operation or cycle.

Opportunity Cost

The cost of forgoing the next best alternative when a choice is made, representing the benefits one misses out on.

Comparative Advantage

The ability of an individual or entity to produce a good or service at a lower opportunity cost than others.