The Concept of the Invisible Hand Suggests That ________

question 74

Multiple Choice

The concept of the invisible hand suggests that ________.

• A) individuals working for self-interest will eventually maximize the well-being of society
• B) equilibrium in a competitive market is determined independent of demand and supply
• C) government intervention is necessary to rectify market imperfections
• D) the price mechanism allocates resources only to the people with high income in the country

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Definitions:

Job Descriptive Index

A validated survey instrument that measures an employee's satisfaction with various facets of their job, such as the work itself, supervision, and pay.

Facet Satisfaction

The level of contentment one feels with various aspects of their job, such as pay, working conditions, or coworkers.

Equity Equation

An approach in organizational behavior focusing on fairness and justice in the allocation of resources and treatment of individuals.

Inputs

Resources, such as time, labor, and materials, used in the production process to create outputs or goods and services.