Final answer:
Voluntary trade results in each person feeling that what they get is of greater value than what they give up. This assessment of value supports mutually beneficial exchanges, and it is both parties' perception of increased value in what they acquire that fundamentally characterizes voluntary trade.
Step-by-step explanation:
The question asks which statement accurately describes voluntary trade. In the context of two individuals trading, such as Robinson and Friday, voluntary trade is characterized by each party voluntarily engaging in exchange, feeling that what they receive is worth more to them than what they give up. This perception of increased value in what they acquire versus what they trade away is a cornerstone of voluntary trade.
Therefore, the correct answer to the question is C. Voluntary trade results in each person feeling that what they get is of greater value than what they give up. This is because trades are not forced, but rather made based on each individual's assessment of value, with the aim of mutual benefit. When this exchange is viewed through the lens of the Production Possibilities Frontier (PPF), it should in theory enable each trader to potentially consume beyond their respective PPF.