Which of the Following Is Necessary for the Invisible Hand

question 231

Multiple Choice

Which of the following is necessary for the invisible hand of market prices to work properly?

• A) buyers and sellers who generally tend to disregard their own self-interest
• B) democratic political procedures and highly regulated markets
• C) price controls that restrict the movement of market prices
• D) competition and property rights that are well-defined and enforced

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Definitions:

Right-Hand/Left-Hand Chart

A visual tool used to analyze the workflow and ergonomics in tasks, indicating actions done by the right and left hands to improve efficiency and reduce fatigue.

Idle Time

Periods when resources, such as machinery or employees, are available but not in use due to a lack of work or inefficient scheduling.

Kanbans

Signaling systems used in just-in-time (JIT) production processes to regulate the flow of materials between different stages of production.

Andons

Visual feedback systems used in manufacturing to alert about any status changes in production, such as issues or slowdowns.