The information problem of central planning is related to the incredible amount of information needed to know: O the place where a good is produced, the place where the good is purchased, the place where the good is consumed, and so on. O the people who produce a certain good, the people who employ those people, the people who employ the employers, and so on. the value of a good in all of its uses, all of the substitutes for a good, the value of the substitutes in all of their uses, and so on. the price of a certain good, the prices of the inputs for the good, the prices of the inputs to the inputs, and so on.

The information problem of central planning is related to the incredible amount of information needed to know: O the place where a good is produced, the place where the good is purchased, the place where the good is consumed, and so on. O the people who produce a certain good, the people who employ those people, the people who employ the employers, and so on. the value of a good in all of its uses, all of the substitutes for a good, the value of the substitutes in all of their uses, and so on. the price of a certain good, the prices of the inputs for the good, the prices of the inputs to the inputs, and so on.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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