The concept of double coincidence of wants refers to the fact ...

[Yi-Chen]

The concept of double coincidence of wants refers to the fact that:
 a. for a financial asset to be exchanged, it needs to be priced correctly.
  b. for barter to take place, both parties must accept what the other party has to offer.
  c. people can never exactly agree on an equilibrium price.
  d. different people value goods differently.
  e. for barter to take place, both parties must have equal quantities of the same good.

Question 2

If a surplus exists in a market, then we know that the actual price is
 a. above the equilibrium price, and quantity supplied is greater than quantity demanded.
  b. above the equilibrium price, and quantity demanded is greater than quantity supplied.
  c. below the equilibrium price, and quantity demanded is greater than quantity supplied.
  d. below the equilibrium price, and quantity supplied is greater than quantity demanded.

[reelove4eva]

Answer to Question 1

b

Answer to Question 2

a

[Yi-Chen]

YES! Correct, THANKS for helping me on my review

[dawsa925]

Thanks for the timely response, appreciate it