Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
Question
Chapter 22, Problem 1QE
To determine

Explain the coordination mechanism.

Expert Solution & Answer
Check Mark

Explanation of Solution

The method of coordination mechanism is a system of balancing the needs of individuals with the desires of others. All markets are a type of coordination mechanism. Another method of the coordination mechanism is the algorithm that matches the demand of students for courses and the courses they are assigned. In short, the modern mechanisms and institutions that are used to solve the coordination problems are called the coordination mechanism.   

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