Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Price System: End of Chapter Problem In The Fatal Conceit, economist Friedrich A. Hayek, arguing against central planning, wrote: The curious task of economics
The Price System: End of Chapter Problem In The Fatal Conceit, economist Friedrich A. Hayek, arguing against central planning, wrote: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." In other words, people generally assume that they can plan out the best procedure for producing a good, but as we learned, that's not true. Please select all of the different roles that the price system plays in creating this order? Prices serve as signals. Prices create incentives. Prices are mediums of exchange. Prices link markets. Prices dictate the number of firms
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started