--%>
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 : Importance of Store of Value function

    Importance of Store of Value function of money: People save a portion of their earnings for utilization in future. But in what form? Money fulfills this requirement of the people. Money as a store of value signifies that money is an asset and can be s

    		•
  • Q : Change of demand If demand for good

    If demand for good falls due to increase in its own price. Then what is the change in demand termed? Answer: Contraction of demand

    		•
  • Q : Rang of income elasticities of demand

    The income elasticities of demand (μ) for items which most people consider as luxuries would possibly be into the range: (1) – ∞ < μ < one. (2) – 1 < μ < zero. (3) μ = zero. (4) 0 < μ < 1. (5) 1 <

    		•
  • Q : Economic profit of purely competitive

    Purely competitive firms will experience economic profit, in a short-run equilibrium which is: (w) zero. (x) positive. (y) negative. (z) negative, zero, or positive are all possibilities. Hey friends please give yo

    		•
  • Q : Thorstein Veblen-Biography Thorstein

    Thorstein Veblen is most particularly remembered for arguing that: (i) Consumer surplus is maximized by setting the marginal utility equivalent to price. (ii) National income [or NI] equivalents gross domestic product [or GDP] in circular flow model.

    		•
  • Q : Determine elasticity of demand for

    When the U.S. price elasticity of demand for gasoline is 1.0, the price elasticity of demand for gas sold through one of several gas stations along a busy highway: (w) less than 1.0. (x) 1.0. (y) greater than 1.0. (z) zero.

    Q : Question based on balance sheets Help

    Help me to solve this problem. Refer to the given balance sheets. If the reserve ratio is 25%, the maximum money-creating potential of the commercial banking system is: A) $36. B) $17. C) $48. D) $24.

    Q : Decisions of oligopoly firm on price

    Within an oligopoly each firm: (w) ignores the pricing strategies of rival firms. (x) faces a horizontal demand curve. (y) should make decisions on price and output based on expected or actual actions of its rival. (z) has little control over the mark

    		•
  • Q : Marginalism and Optimization Most of

    Most of the microeconomic models hinge on suppositions that all choices by each and every individual imitate attempts to: (1) Conform to social mores and cultural norms. (2) Propagate the individual’s gene pool into the future generations. (3) B

    		•
  • Q : Concept of Joseph A. Schumpeter about

    The concept that innovation is a main source of economic profit is central to the concepts of: (1) Joseph A. Schumpeter. (2) Karl Marx. (3) Frank Knight. (4) Horatio Alger. (5) John Bates Clark. Ca

    		•