Solved: What do economists mean when they say that the price system, Business Management

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What do economists mean when they say that the price system

What do economists mean when they say that the price system (free markets) promotes economic efficiency? When are free market arrangements "inefficient" from an economic point of view? Why is income inequality "efficient" from an economic point of view? Illustrate your answer with concrete examples.

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Business Management: What do economists mean when they say that the price system

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