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1. In a short paragraph, define what a price signal is. Describe the type of signal that producers high price would get if there was a and a low price. Then, describe the type of signal that consumers would get if there was a high price and a low price.
2. In a short paragraph, explain the function of a price in our market economy. What does it do? What does it show? How does it affect producers and consumers? (You may want to use some key vocabulary like incentive, competitive pricing, signals, motivation, flexibility, profits, equilibrium, stability, etc)
3. In a short paragraph, describe the 3 different types of price systems. Then, explain which type of economic system is the most efficient and the reasons why it is the most efficient.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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