The Self-Interest of the Participants in an Economy Is Guided

question 95

Multiple Choice

The self-interest of the participants in an economy is guided into promoting general economic self-interest by

• A)the invisible hand.
• B)market power.
• C)government intervention.
• D)oikonomos.

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Definitions:

Contract Price

The total amount agreed upon in a contract for the sale of goods or services.

Call for Tenders

A formal request issued by a business or government for suppliers to submit proposals to undertake a specified project or service.

Municipality

A city, town, or other district possessing corporate status and usually its own local government.

Compensation

Payment or reward given for services or to make up for someone's loss, damage, or injury.