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If you had to consider the price of a good and how that price contains information, how would you describe the way information is conveyed
If you had to consider the "price of a good" and how that price contains information, how would you describe the way information is conveyed through prices.(Hint: What information does the price of a good tell you?Is it a good that is in demand? What information are you able to determine about what it takes to supply that good?For example, think about the difference in prices for paper plates and fancy china.They are both used for eating food, but have vastly different prices. Why?)
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