Author Question: What is economic value of an exchange?[br][br][b][color=#FBB117]Question 2[/color][/b][br][br]In the ... (Read 34 times)

Wadzanai · **on:** Jun 30, 2018

What is economic value of an exchange?

Question 2

In the long run, the producer can change the entire plant size to produce a certain level of the output.
a. True
b. False
Indicate whether the statement is true or false

smrtceo · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

Economic value of an exchange is defined as the difference between the buyer's valuation of the good and the seller's opportunity cost of parting with the good.

Answer to Question 2

True