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Which of the following is a feature of architecture of markets? Group of answer choices None of the other answers are correct. A valuable feature
Which of the following is a feature of architecture of markets? Group of answer choices None of the other answers are correct. A valuable feature of the price system in a market economy is that this architecture is created spontaneously, with coordination from a central planner. Through market transaction, decision rights for resources are rearranged and allocated by administrative direction. Owners of resources do not bear the wealth effects of their actions, thus, such mechanism generates important incentives to take efficient actions. Individuals who own the resources are unlikely to have the relevant specific knowledge for using those resources most productively
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