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10 cards from this deck
Signalling, incentive, rationing, allocative
Communicates vital info to buyers and sellers
Motivates people to alter their economic behaviour
Rising prices reduce/eliminate excess demand
Directs scarce resources between different markets
Coordination of activity without central direction
Consumer holds most power in determining what gets produced
Firms determine what's available (e.g., in monopoly)
No regard for equality or fairness in allocation
Intervention produces worse outcome than the market failure
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