Asked by Jesse Francis on May 07, 2024
Verified
Prices are important economic signals because they convey information about how much producers are willing to pay for a good and how much it costs consumers to produce a good.
Economic Signals
Indicators or signs used by consumers and producers to guide their actions, such as prices, which indicate when to buy or sell products or resources.
Producers
Entities that create, manufacture, or supply goods and services for the purpose of selling to consumers, businesses, or other producers.
- Recognize the role of prices as indicators in market economics.
Verified Answer
KM
Kristal McCathernMay 13, 2024
Final Answer :
False
Explanation :
Prices convey information about how much consumers are willing to pay for a good and how much it costs producers to produce a good.
Learning Objectives
- Recognize the role of prices as indicators in market economics.
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