Relative prices convey information about both production possibilities and people's preferences. What exactly is that information and

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Relative prices convey information about both production possibilities and people's preferences. What exactly is that information and how does its availability help attain an efficient allocation of resources? In what ways does the presence of monopoly or externalities result in price information being "inaccurate"?
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Intermediate Microeconomics and Its Application

ISBN: 978-1133189039

12th edition

Authors: Walter Nicholson, Christopher M. Snyder

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