What Famous Economist Said That the Market Economy Seemed to Be

question 91

Multiple Choice

What famous economist said that the market economy seemed to be controlled by an invisible hand?

• A) Alfred Marshall.
• B) Adam Smith.
• C) Karl Marx.
• D) Robert L. Heilbroner.

---

Definitions:

Supply Chain

The system of organizations, people, activities, information, and resources involved in supplying a product or service to a consumer.

Markov Models

A statistical model used to model randomly changing systems where it is assumed that future states depend only on the current state and not on the sequence of events that preceded it.

Transitional Probabilities

The likelihood of moving from one state or condition to another, often used in the context of labor markets, health statuses, or economic conditions.

Promotion

An employee's upward advancement in the hierarchy of an organization.