--%>
Assignment Help - homework help

Invisible-hand concept

Choose Which one best describes the invisible-hand concept? 1) The desires of resource suppliers and producers to further their own self-interest will automatically further the public interest. 2) The nonsubstitutability of resources creates a conflict between private and public interests and calls for government intervention. 3) The market system is the best system for overcoming the scarce resources-unlimited wants problem. 4) Central direction by the government will improve resource allocation ina capitalistic economy.

   Related Questions in Microeconomics

  • Q : Comparative advantage in making food

    When Wilma can make a brontosaurus burger in 10 min and a cactus cooler in 5, whereas Betty can make the burger in 8 min and the cactus cooler in 3. Then find out the right option from the above: (1) Betty consists of a comparative disadvantage in the coolers and a co

    		•
  • Q : Labor Unions and Wage Differentials The

    The counter-argument to the idea which unions cause inflation is that the union negotiated wage hikes: (i) Are not excessive except W > average revenue products. (ii) Set the pattern for non-union wage negotiations. (iii) Tend to outcome in lower salaries in non-un

    		•
  • Q : Determine possibly accurate order of

    Which of the given in lists of taxes or taxed goods is possibly in accurate order from most backward-shifted to most forward: (w) Tobacco, property, general sales and payroll. (x) Land, payroll, tobacco and property. (y) Tobacco, payroll, corporate in

    		•
  • Q : Define production possibility curve or

    Production possibility curve or PPC: PPC exhibits different combination of a pair of goods, that can be produced with the given resources and method of production, that are fully and proficiently utilized.

    		•
  • Q : Imperfect competition-Firms having

    As MRP < VMP in imperfect competition whenever firms encompass market power as sellers then: (1) MPPL = VMP. (2) The price of output surpasses MFC. (3) Monopolistic exploitation becomes essential to get profit. (4) Imperfect competition can’t reach the equili

    		•
  • Q : Indication by data on poverty Data on

    Data on poverty into the United States indicate which: (w) in absolute numbers, additionally blacks are below the poverty line than whites. (x) in absolute numbers, more whites are below the poverty line than blacks. (y) the poverty rate is lower for

    		•
  • Q : Reduced effectiveness by pressure The

    The increased pace of globalization and the steady development of worldwide demands for petroleum-based products from 2002 have tended to decrease the: (w) derived demand for petroleum. (x) prices of gasoline and electricity. (y) pressures which had reduced OPEC's eff

    		•
  • Q : Contrast of the law of reducing

    Which of the given seems a contrast of the law of reducing marginal utility? (i) Howard quit utilizing grocery coupons if he won the lottery. (ii) Joan finds that her try in preparing for a date surpasses the enjoyment gained. (iii) Ken enjoys his thi

    		•
  • Q : Economic profits in long run A monopoly

    A monopoly will make economic profits within the short run: (w) but cannot create economic profits in the long run. (x) if average total costs [ATC] > P. (y) as long as total revenue exceeds total costs. (z) All of the above.

    		•
  • Q : Demand for product when its sales fall

    When a 10% hike in the price of paisley socks causes sales to fall with 20%, the demand for such socks is: (1) perfectly inelastic. (2) relatively inelastic. (3) unitarily elastic. (4) relatively elastic. (5) perfectly elastic. <

    		•