Supply curves usually slope upward because producers face increasing opportunity costs when increasing output

The Royal Proclamation of 1763 and the Quebec Act of 1774 had all of the following effects except:

a. increased the price of farm labor b. increased the price of farm land c. decreased competition for existing farmers d. encouraged Scotch, Irish and German immigrants to rebel against England

Adam Smith coined the term "invisible hand" to describe the process by which the actions of independent, self-interested buyers and sellers will:

A. always lead to the most efficient allocation of resources. B. often lead to increasing inequality. C. often lead to the most efficient allocation of resources. D. always lead an economy to ruin.