The Idea That an "Invisible Hand" Will Guarantee the Overall

question 54

Multiple Choice

The idea that an "invisible hand" will guarantee the overall good of society through the workings of a free and competitive market is the invention of

• A)Adam Smith.
• B)David Hume.
• C)Jean-Jacques Rousseau.
• D)John Locke.

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Definitions:

Earrings

Jewelery pieces worn on the ear, typically fastened through a hole pierced in the earlobe or another external part of the ear.

Average Total Cost

The total cost of production divided by the quantity of output produced, representing the cost per unit.

Total Cost

The sum of all expenses incurred in the production of a good or service, including both fixed and variable costs.

Marginal Cost

The expense associated with manufacturing an extra unit of a product.