"He [The Producer] Intends Only His Gain, and He Is

question 303

Multiple Choice

"He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What is the "invisible hand" referred to in this statement?

• A) the elasticity of the market demand curve
• B) the power of government when decisions are made democratically
• C) the guidelines and regulations set for his industry by the government
• D) the incentive structure accompanying market prices

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Definitions:

Traveling By Plane

The act of moving from one place to another distant place by aircraft, commonly used for long-distance travel.

Minimum Value

The lowest value in a given set of data or the lowest point on a function's graph.

Opportunity Cost

Giving up possible rewards from different alternatives by choosing one path.

Attending Class

The act of being present at scheduled educational lessons or seminars.