Which function of money has overcome the problem of lack of double coincidence of wants?
Which function of money has overcome the problem of lack of double coincidence of wants?
(a) Measure of value
(b) Medium of exchange
(c) Standard of deferred payments
(d) Store of value
Anurag Pathak Changed status to publish December 15, 2023
Ans – (b)
Explanation:-
As a medium of exchange, money has removed the major difficulty of lack of double coincidence of wants in the barter system.
It separates the acts of sale and purchase of goods and services and helps both parties in obtaining maximum satisfaction.
A buyer can buy goods through money and a seller can sell goods for money.
Anurag Pathak Changed status to publish December 15, 2023
