According to the invisible hand principle, competitive markets generally

a. bring the self-interest of individuals into harmony with the efficient allocation of resources, even though centralized planning of economic activities is absent.
b. bring the self-interest of individuals into harmony with the efficient allocation of resources when the behavior of individuals is directed by democratic centralized planning.
c. require central direction; otherwise, the actions of self-interested individuals will conflict with the general interests of society.
d. promote the economic welfare of self-interested producers at the expense of unorganized groups such as consumers and taxpayers.

A

Economics

You might also like to view...

Refer to Figure 18.2. In autarky, the maximum amount of fishing poles that Macadamia can produce is

A) 40. B) 100. C) 120. D) 160.

Economics

Goods are ________ when the income elasticity of demand is positive

A) complements B) elastic C) inferior D) substitutes E) normal

Economics