Adam Smith’s concept of the invisible hand, an efficient overall allocation of resources is likely to result from: (2) (1) The behaviour of public-spirited people, who consider the benefits their actions will have on others; (2) The behaviour of self-interested individuals striving to maximise their own well-being; (3) The regulation of markets by economic planners; (4) The operation of command rather than market economies.

Adam Smith’s concept of the invisible hand, an efficient overall allocation of resources is likely to result from: (2) (1) The behaviour of public-spirited people, who consider the benefits their actions will have on others; (2) The behaviour of self-interested individuals striving to maximise their own well-being; (3) The regulation of markets by economic planners; (4) The operation of command rather than market economies.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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