Question 5 1 pts A knowledge problem exists when 0 the information available to a decision—maker is not accurate and based on opinion, G) the information needed to make a good decision is not available to a decision-maker. O a decision-maker refuses to believe or make use of available informalion. C) so much information is available to decision—makers that it is difﬁcult to process all the relevant information.

The knowledge problem is the claim that the data needed for rational economic planning are dispersed among individual actors and thus must exist outside the knowledge of a central authority. The concept of the knowledge problem is associated with F. A. Hayek's seminal article "The Use of Knowledge in Society" (1945). The fundamental economic problem that societies face, according to Hayek, is not the allocation of a given set of resources based on a given set of preferences and technical capabilities; rather, the coordination of decisions and actions among interacting individual agents with diffuse private knowledge and plans forms the basis of economic activity.

‍The diffuse and private nature of knowledge impedes such plan coordination, but institutions that enable decentralized coordination emerge from human interaction. In the face of the knowledge problem, prices and market processes form an institution for coordination. Furthermore, Hayek contended that knowledge transcends "scientific" information, that there is no fixed and uniform set or distribution of data, and that such data fails to capture all knowledge relevant to both static and dynamic decision-making and coordination.

Hence, a knowledge problem exists when:

B) The information needed to make a good decision is not available to a decision-maker.

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