Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Question: 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 (such as the Valentine's Day rose mentioned at the beginning of the chapter), but as we learned, that's not true. What are some of the different roles that the price system plays in creating this order?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92652678

Have any Question?


Related Questions in Microeconomics

Question a government passes a family-friendly law that no

Question: A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law usi ...

Question you are producing a new play that will open next

Question: You are producing a new play that will open next week. You are happy because advance purchasers have bought enough tickets that you will have a full house every night for the next year. Have you maximized your ...

Question the following article appeared on the front page

Question: The following article appeared on the front page of the Wall Street Journal on April 17, 1998: The public, by 79% to 17%, favors raising the minimum hourly wage by $1 to $6.15. But Princeton economist Alan Krue ...

Question many of us want to lose weight yet we find it much

Question: Many of us want to lose weight, yet we find it much easier to gain weight than to lose it! Given it takes approximately 3,000 extra calories of food to increase our weight by one pound, why is it so difficult f ...

Questionnbsp principles of macroeconomicspart b short

Question:  Principles of Macroeconomics PART B: SHORT ANSWER QUESTIONS. 1. At a price of $5 per pound, salmon is quite attractive to buyers but not very profitable to sellers. The quantity demanded is 750 pounds, represe ...

Question - in each of the following examples discuss which

Question - In each of the following examples, discuss which market model appears to best explain the behavior described (Perfect competition, Monopolistic competition, Oligopoly, Monopoly): a. Corn prices reached highs i ...

Question when a student or employee comes to class or work

Question: When a student (or employee) comes to class (or work) sick, they impose a negative externality on their classmates (or coworkers). a. Explain how there are negative externalities here. b. Come up with another b ...

Question please select three of the spirit values and

Question: Please select three of the S.P.I.R.I.T values and describe an event(s) from your professional, academic or work life that demonstrates you exhibiting the value. Conclude the essay by stating how your abilities ...

Question why did the price fall and quantity rise suppose

Question: Why did the price fall and quantity rise. Suppose you are told that last year the price of peanuts fell and the quality sold increased. Using supply and demand analysis explain how these changes occurred. The r ...

Question from time to time including but not limited to the

Question: From time to time, including but not limited to the 1971-3 experience in the US, wage and price controls have been imposed to reduce inflation. Yet when these controls were eventually lifted, the price index qu ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As