The Originator of the Idea of the Invisible Hand,which Is

question 4

Multiple Choice

The originator of the idea of the invisible hand,which is a fundamental concept in free market capitalism,was

• A)Adam Smith.
• B)Theodore Levitt.
• C)Norman Bowie.
• D)Herman Miller
• E)Milton Friedman.

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Definitions:

Marginal Product of Labor

The additional output a firm produces as a result of hiring one more worker.

Profit-Maximizing

Profit-maximizing refers to strategies or actions taken by businesses to increase their profits to the highest possible level given their resources and market conditions.

Competitive

Characterized by rivalry where entities strive to gain an advantage or win a contest.

Envelopes

Paper or other material covers used to enclose letters or documents, typically for mailing or storage purposes.