An Economist Might Say, "The Market Guides and Coordinates Individuals

question 182

Multiple Choice

An economist might say, "The market guides and coordinates individuals' actions." Which of the following is the best example of this happening?

• A)An employer tells an employee to get to work early.
• B)As the price of oranges rises, more individuals begin to produce oranges.
• C)The manager of a plant issues a directive that there will be no more smoking in the cafeteria.
• D)The owner of a small restaurant fires one worker and hires a new one.

---

Definitions:

Normal Distribution

A probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean. Also known as a bell curve.

Physical Fitness

The ability to perform aspects of sports, occupations, and daily activities without undue fatigue.

Standard Deviation

A measure of the dispersion or variability in a set of data points, representing the average distance from the mean.

Robustness

The ability of a statistical method or test to remain effective under a variety of conditions or assumptions, or when faced with violations of those assumptions.