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Author Question: What are some reasons why coordination of economic affairs through the price system may not work ... (Read 51 times)

jman1234

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on: Jun 30, 2018
What are some reasons why coordination of economic affairs through the price system may not work perfectly?
 
  What will be an ideal response?

Question 2

Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be
 
  A) 3. B) 6. C) 9. D) 12.
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amandalm

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Reply #1 on: Jun 30, 2018
Answer to Question 1

There are a number of correct answers here, but three principal reasons are that there may be too few prices (that is, more markets than prices), prices may not contain sufficient information, and prices may be sticky.

Answer to Question 2

D


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