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

Question

Quizplus · Accepted Answer

In a voluntary exchange, both parties agree to the transaction because they both expect to benefit or gain from it. Mike gains something he values more than the money he pays, and Wayne gains money he values more than the item he sells.

A Voluntary Exchange Between Mike (The Purchaser) and Wayne (The