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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![The information problem of central planning is related to the incredible amount of information needed to know:
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa568a19e-22e7-4ab8-a554-000f0ec201e3%2Fde233143-d2be-4844-a578-37f56482f73a%2Fmm6wiz6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The information problem of central planning is related to the incredible amount of information needed to know:
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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education