How important are markets in providing information in the economy?

Prices convey important information to guide resource allocation. ... If such information asymmetry is not resolved, no transaction will take place because the buyer may offer too low a price to discount the uncertain quality. Or the transactions would result in unhappy buyers.

Explanation:

explanation:

actually, not all representation was acceptable based on this little piece of article, in 1776, the second continental congress issued the declaration of independence, stating their specific grievances with the british monarchy and why they were going to create a separate government. after the colonies separated from the british monarchy and formed the united states of america, they had to answer some crucial questions: 1) if not a monarchy, what type of government was the united states going to have? 2) what kind of government was going to protect the people without violating their individual liberties?