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Explain economic differences between bargain and promise

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(a) Fully explain the economic differences between a bargain and a promise. In your explanation explain how the economic steps that occur effect the indifference curves of the promisee and promisor when a promise is made and a bargain is reached.

(b) If in anticipation of a promise, a person gives something up, what are the economic arguments in favour or against treating this as a bargain?

Reference no: EM133082676

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