The Invisible Hand Refers to

question 113

Multiple Choice

The invisible hand refers to

• A)Intervention in the economy by the government bureaucrats we do not see and over whom we have no control.
• B)Undiscovered natural resources.
• C)The allocation of resources by market forces.
• D)The person who has the responsibility to coordinate all the markets in a market economy.

---

Definitions:

Collective Task

A task designed to be completed by a group of individuals working together, requiring cooperative effort and coordination.

Wisdom of Crowd

The collective opinion of a group of individuals rather than that of a single expert, often leading to more accurate conclusions or predictions.

Averaging Judgments

The method of combining multiple opinions or estimates to produce a single, more reliable judgment, often used in decision-making processes.

Ringelmann Effect

A phenomenon where individual productivity decreases as the number of people in a group increases.