From Mishkin (2018), pp. 60: In person, cigarettes are sometimes used among inmates as a form of payment. How is it possible for cigarettes to solve the “double coincidence of wants” problem even if a prisoner does not smoke?

From Mishkin (2018), pp. 60: In person, cigarettes are sometimes used among inmates as a form of payment. How is it possible for cigarettes to solve the “double coincidence of wants” problem even if a prisoner does not smoke?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter16: Information, Risk, And Insurance

Section: Chapter Questions

Problem 7RQ: What are some ways a seller of labor (that is, someone looking for a job) might reassure a possible...

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