The phrase “invisible hand" means that no one person or firm actually sets the price. The...
The phrase “invisible hand" means that
-
no one person or firm actually sets the price.
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The tendency of competition to cause individuals and firms to unintentionally promote the interests of society.
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market prices are not always known to buyers and sellers.
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buyers and sellers often do not meet so the transactions are invisible.
Homework Answers
Answer: The tendency of competition to cause individuals and firms to unintentionally promote the interests of society.
Explanation: In the free market the market forces of demand and supply creates market efficiency and allocates resources in a way which maximizes the social good.
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