which one is the correct answer? Describe what Hayek means by the "knowledge problem" of centrally-planned economies. Importantly, some economic knowledge can only be known when a decision-maker is faced with a decision. For example, it is impossible to know whether customers will prefer a more durable but more expensive fabric to a flimsier and cheaper alternative until they are given the opportunity to choose. In a market economy, prices elicit this dispersed knowledge, turning it into signals to which others may react. To take an example, if consumers come to place more value on tin, or if producers find it more difficult to make tin, then the price of the metal will rise. This signals to consumers that they should economize on its use and encourages entrepreneurs to explore alternative ways to satisfy consumer desires. But for this process to work, prices must emerge from the free choices of individuals exchanging rights over private property. Moreover, entrepreneurs must be allowed to try out new ideas, to experiment with novel products, production techniques, prices, and management strategies. In this way, exchange helps sort between the merely technologically feasible and the economically valuable. For example, it may be technologically feasible to build houses with platinum instead of brick. But the only way to know whether it is economically valuable to do so is if a customer out-bids others for the scarce raw material. which one is the right