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In voluntary exchange, if the seller of a product gains,

In voluntary exchange, if the seller of a product gains,

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Two goods are considered substitutes only if

Two goods are considered substitutes only if

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Economic theory

Economic theory

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A black market is a market

A black market is a market

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A middleman is a person who

A middleman is a person who

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A legal system that provides secure private property rights…

A legal system that provides secure private property rights and unbiased enforcement of contracts

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Rational choice requires that opportunity cost be

Rational choice requires that opportunity cost be

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The term market always refers to

The term market always refers to

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The government enforces property rights by

The government enforces property rights by

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Other things constant, as the price of a resource increases,

Other things constant, as the price of a resource increases,

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