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Price in micro is the point at which demand and supply meet. But in real world no one knows about the actual demand curve or supply curve. yet prices are set, so in a way there is a lot of costs being borne out in the process of setting up this price, and yet it is available as a public good. any good economic paper that discusses this point or any thoughts on the same would be highly appreciated.

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    $\begingroup$ "so in a way there is a lot of costs being borne out in the process of setting up this price" Could you please elaborate on this part? The basic idea behind the invisible hand seems to be that this is in fact not too costly. $\endgroup$ – Giskard Aug 29 at 18:26
  • $\begingroup$ Most of us won't buy something unless its price is publicly advertised because haggling and asking for quotes takes a lot of effort. $\endgroup$ – Angela Richardson Sep 1 at 18:57

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