Please define how these problems affect prices 1. Imperfect Information 2. Coordination Problems 3. Efficiency Wages...

Please define how these problems affect prices

1. Imperfect Information

2. Coordination Problems

3. Efficiency Wages

4. Contracts and Long Term relationships

5. Insider-outsider models

Expert Solution

Answer : 1. Imperfect information :

The presence of inadquate Information resulted in decline in the price as well as commodity in the market place in an systematic manner.

2. Coordination problem:

The coordination problem is resulted from the monetary policy and it's impact is such that in earlier stages prices are sticky and after that price start increasing.

3.Efficient wages :

It means when the wages has been efficient and effectively provided than the price of output starts increasing.

4.Contracts and long term relationship :

It means that proper contract and good relationship resulted in effective useage of resources . The price remain stable at this stage.

5. Insider and outsider models :

In this model of labour economics, some Economic agent has been given more previlaged than the other in order to gain maximum share of profit,in this case price of output has been flucations occurs and increases.

Rahul Sunny answered 2 years ago

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