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In the wealth of nations Adam smith wrote that markets did not need governments to control them because of the invisible hand of competition which of the following statements best explain his thinking?
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What are good things about a market economy?
invisible hand, competition, no monopolies, etc
What ''invisible hand'' regulates the free market economy?
competition and self-interest
What invisible hand regulates the free-market economy?
competition and self interest
What is true about the following equation?
The fact that it is invisible(?)
What is the invisible paycheck?
Total compensation statements telling each employee what the employer has spent on him or her above and beyond salary.
What is the principle idea that the invisible hand of competition sets prices and determines quantities produced in a market economy?
Adam Smith
How does the invisible hand of competition set a market price in market economies?
Shortages always raise prices and surpluses always reduce prices until competition produces a price where there are no more surpluses or shortages.
Is it true or false that the invisible hand of competition ensures that only the most efficient producers will survive the market place?
False. The invisible hand works to make businesses more competitive, but never to work towards monopolies.
How does the invisible hand of competition set a market price in a market economy?
b. Shortages always raise prices and surpluses always reduce prices until competition produces a price where there are no more surpluses or shortages. ;D
What does Invisible queue means?
USB, Serial, and Parallel are all examples of which of the following?
What does the phrase all but mean?
I need to know what the saying "all but" means. Like "someone is all but invisible" does that mean they are ALL but invisible or that they ARE invisible? HELP!Neither. It means they are almost invisible; practically invisible.By the say, I should not have said "they," I was following your lead. "Someone" is singular; a better answer is "...he is almost invisible..." Or if you want to be politically correct, "...he or she is almost invisible."
Which of the following observations was made famous by Adam Smith in his book The Wealth of Nations?
The "invisible hand" will guide markets to desirable outcomes.
