Adam Smith’s “invisible hand” refers toa. the subtle and often hidden methods thatbusinesses use to profit at consumers’ expense.b. the ability of free markets to reach desirableoutcomes, despite the self-interest of marketparticipants.c. the ability of government regulation to benefitconsumers even if the consumers are unaware ofthe regulations.d. the way in which producers or consumers inunregulated markets impose costs on innocentbystanders.
Adam Smith’s “invisible hand” refers toa. the subtle and often hidden methods thatbusinesses use to profit at consumers’ expense.b. the ability of free markets to reach desirableoutcomes, despite the self-interest of marketparticipants.c. the ability of government regulation to benefitconsumers even if the consumers are unaware ofthe regulations.d. the way in which producers or consumers inunregulated markets impose costs on innocentbystanders.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Adam Smith’s “invisible hand” refers to
a. the subtle and often hidden methods that
businesses use to profit at consumers’ expense.
b. the ability of free markets to reach desirable
outcomes, despite the self-interest of market
participants.
c. the ability of government regulation to benefit
consumers even if the consumers are unaware of
the regulations.
d. the way in which producers or consumers in
unregulated markets impose costs on innocent
bystanders.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education