The Concept of the "Invisible Hand" Was First Expressed by ​

question 8

Multiple Choice

The concept of the "invisible hand" was first expressed by ​

• A)Karl Marx.
• B)Lao-Tzu.
• C)Adam Smith.
• D)Thomas Jefferson.

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Definitions:

Marginal Product

The additional output that can be produced by adding one more unit of a specific input, whilst holding other inputs constant.

Total Product

The total output of goods or services produced by a firm during a given period of time.

Diminishing Marginal Returns

A principle stating that as more of a production input is added, holding all others constant, the resulting additional output will eventually decrease.

Range

The difference between the highest and lowest values in a data set, often used to measure variability.