Competition and the Invisible Hand
Elucidate: Competition and the “Invisible Hand”?
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A. Competition is the mechanism of control for the market system. It not only guarantees that industry responds to consumer wants, but to adopt the most efficient production techniques it also forces firms.
B. Adam Smith talked of the “invisible hand” which promotes public interest through a market system where the primary motivation is self interest. Firms will also be producing the goods and services most wanted by doing maximize profits of society.
The initial “professional” university professors who taught economic concepts like academic subjects, those were: (1) cosmologists. (2) moral philosophers. (3) socio-biologists. (4) natural historians (5) logicians. (6) mathematicians. (7)
Can someone help me in finding out the right answer from the given options. The private sector is decomposed into: (1) Businesses and investors. (2) Households and stockholders. (3) Households and investors. (4) Businesses and households.
What happens in the product markets?
Assume that you bought a ton of gold in Santiago, and Chile for $450 per ounce and immediately sold all of this in Antwerp, Belgium for $480 per ounce. Therefore economists would categorize your movement as: (i) arbitrage. (ii) scalping. (iii) screening. (iv) speculat
Give a brief introduction of the term Operating Leverage?
Define Dependent and independent variables?
Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges.
A laissez-faire government is restricted to finding: (1) property rights within a simple fashion and to enforcing private contracts. (2) market prices which guarantee equitable resource allocations. (c) how resources will be allocated efficiently. (4)
When a world famous concert pianist is as well the world's fastest short order cook, he would most likely gain the most financially through devoting: (i) Full time to frying burgers (ii) Full time to piano practice and concerts. (iii) Half-time cooking and half-time p
What do you mean by Graphs?
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