When people interact in markets for their own self-interest,it is described as the
A) principle of supply and demand.
B) principle of voluntary exchange.
C) laws of each state.
D) principle of scarcity.

Question

Quizplus · Accepted Answer

The principle of voluntary exchange states that individuals are free to choose what goods or services they buy or sell, and that both parties involved in an exchange are better off as a result of that transaction. This principle is based on the idea that people act in their own self-interest when making economic decisions.

When People Interact in Markets for Their Own Self-Interest,it Is