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On the consumer side, why are prices advantageous over a system of distributed baskets where people can trade amongst themselves? After all, people in the priceless trading system can end up with baskets that make them happier than what they received. So what advantage do prices confer for consumers? (Hint: Pareto efficient should be included in this answer.)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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