Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 2 - The Key Principles of Economics - Exercises - 2.3 The Principle of voluntary Exchange - Page 45: 3.2

Answer

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Work Step by Step

In a voluntary exchange both parties feel that they have received value in the exchange. They buyer feels they have received something worth at least what they paid and the seller feels that they have received enough in exchange to cover the cost of the item exchanged.
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