A voluntary exchange between Mike (the purchaser) and Wayne (the seller) occurs because Mike stands to gain and Wayne to lose they had no choice Mike stands to lose and Wayne to gain they both gain from the transaction

A voluntary exchange between Mike (the purchaser) and Wayne (the seller) occurs because Mike stands to gain and Wayne to lose they had no choice Mike stands to lose and Wayne to gain they both gain from the transaction

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A voluntary exchange between Mike (the purchaser) and Wayne (the seller) occurs because

Mike stands to gain and Wayne to lose

they had no choice

Mike stands to lose and Wayne to gain

they both gain from the transaction

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