1. If you are thinking about growing more apple trees or instead spending the time making baskets, how do you decide? A: By checking to see if the price for each product is more than the cost of production: you have to find out the price, you are the best judge of some of the costs of production.
2. Why is the “man on the spot’s” input so valuable?
3. How has Hayek changed Smith’s account of the invisible hand?
4. If you feel you got totally ripped off in a store, what has still happened, in terms of the information being transmitted along with the price you have paid?
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