Adam Smith's Insight Was That Prices Adjust to Guide Individual

question 92

Multiple Choice

Adam Smith's insight was that prices adjust to guide individual buyers and sellers to reach outcomes where,in many cases,

• A)opportunity cost is minimized for buyers.
• B)scarcity is reduced for society.
• C)well-being of society is maximized.
• D)opportunity cost of production is maximized.

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Definitions:

Physical Nearness

The spatial proximity of one object or person to another, which can influence social interactions and relationships.

Social Connections

The relationships individuals have with others, which can provide emotional, informational, and practical support.

Loneliness

A subjective feeling of isolation or being alone, regardless of the amount of social contact or presence of others, often accompanied by sadness or discomfort.

Propinquity Effect

The tendency for people to form friendships or romantic relationships with those whom they encounter frequently.