The Concept of the Invisible Hand Was First Introduced to Economics

question 32

Multiple Choice

The concept of the invisible hand was first introduced to economics by:

• A) David Ricardo.
• B) Adam Smith.
• C) Thomas Malthus.
• D) Milton Friedman.

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Definitions:

ATC

Average Total Cost, the total cost per unit of output when all fixed and variable costs are considered.

Perfectly Competitive Firm

A firm in a perfectly competitive market that cannot influence the market price and thus takes the price as given for its decision making.

Economic Costs

Economic Costs include both the explicit costs (direct payments) and implicit costs (opportunity costs) associated with the resources used in the production of goods or services.

Sports Data

Information and statistics collected from sporting events, which can include player performance, game outcomes, and other relevant metrics for analysis and decision-making.