The definition of Adam smith’s “invisible hand”.

Question

Want to see the full answer?

Answer 1

Question

Chapter 1, Problem 4QCMC

To determine

The definition of Adam smith’s “invisible hand”.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Adam Smith's invisible hand refers toa.the subtle and often hidden methods that businesses used to profit at consumers' expenseb.the ability of free markets to reach desireable 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 con sumers in unregulated markets impose cost on innocent bystanders.

Which one of the following is not part of the necessary conditions for efficient markets? a. (Perfect) competition and information b. Absence of externalities and public goods characteristics c. Macroeconomic stability d. Democracy

Rwanda has built the world’s first commercialized drone highway, capable of delivering supplies to remote villages that are otherwise difficult to reach. a. Rwanda’s drone highway is a a.physical b.virtual c.social network. b. In the case of the drone highway, the network good is the a.drones. b.delivery service by drones. c.benefit local residents receive from the use of the drone highway. d.supplies delivered to remote villages.