Identify the correct essential feature of the barter system:

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Money can be easily used to exchange items.

It is based on double coincidence of wants

It acts as a standard of deferred payment.

It is a measure of value.

answer is B.

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Detailed Solution

The barter system of exchange depends on the double coincidence of wants. When we want to have goods or services from another person by exchanging them with our goods or services at the will of both the involved parties, we call it a "double coincidence of wants." It is a vital feature of the barter exchange system. However, finding a suitable person who not only has the goods or services we need but also wants to exchange their items with ours isn't easy. All the other alternatives are features of money.

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