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To consumers, price signals the opportunity cost of a purchase.

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Prices tell producers what consumers want.

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Rising prices in a market motivate existing firms to produce more, and they encourage new firms to enter the market.

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Falling prices, serve as incentives for firms to cut back on production or even to leave a market to look for better opportunities elsewhere.

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Guided by prices that communicate what consumers want, dairy producers automatically allocate milk—a scarce resource used to make many different products—to its most valued use.

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Car manufacturers who use prices to decide which models to produce and in what quantities. These production decisions are, at bottom, decisions about how best to use limited resources.

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Hurricane Katrina hurt oil refining/production in the Gulf of Mexico and from Texas to Florida. When they started to recover they were hit with Hurricane Rita which halted about 30 percent of the U.S. oil-refinery capacity.

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By early November 2005, the industry had largely recovered, with only 5 percent of oil-refining capacity still disabled.