In Order for a Central Planner to Achieve the Invisible-Hand

question 173

Multiple Choice

In order for a central planner to achieve the invisible-hand type efficiency of a free market, the planner would

• A)need masses of statistics.
• B)be required to makes enormous calculations.
• C)need to be able to measure a consumer's marginal utility in order to equate MU with MC.
• D)All of the above would be required.

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Definitions:

Flashbacks

Sudden, intense, and vivid recollections of past experiences, often traumatic, that can emerge without warning.

Blood-Injection-Injury Phobia

A specific phobia involving fear of blood, injury, or receiving injections, often leading to fainting.

Parasympathetic Response

The part of the autonomic nervous system responsible for relaxation and slowing down the body's response after stress or danger has passed, often referred to as the "rest and digest" response.

Panic

A sudden, overwhelming feeling of fear or anxiety that can result in extreme and unreasoned behavior.