Explain how the invisible hand delivers an efficient market outcome
What will be an ideal response?
The invisible hand concepts claims that people, acting in their own self-interest, send resources to be used at their highest value. As a result, resources are efficiently used to produce the output of goods and services that people most highly value. With this outcome, producer and consumer surplus are maximized.
Economics
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Using this consumption function, the marginal propensity to consume is
A) 1.33. B) 0.75. C) $1.5 trillion. D) $2 trillion. E) 0. The figure above shows three different consumption functions for a nation.
Economics
When the supply of a good increases, the quantity supplied at each price is increasing as well
Indicate whether the statement is true or false
Economics