The Term "Invisible Hand" Was Coined by

question 62

Multiple Choice

The term "invisible hand" was coined by

• A)Adam Smith.
• B)David Ricardo.
• C)Karl Marx.
• D)Benjamin Franklin.

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Definitions:

Franchise Fees

Payments made by franchisees to franchisors, typically in exchange for the right to use the franchisor's business model and branding.

Nonexcludable

describes a good or service that cannot be withheld from individuals who do not pay for it, characteristic of public goods.

Free Riders

Individuals who benefit from resources, goods, or services without paying for them, relying on others to bear the cost.

Private Firm

A business owned by private individuals or groups, not controlled by the government, and operated for profit.