Adam Smith argued that each person in a competitive market is led to promote the

A) efficient use of society's resources, because each person's intention is to make society better off.
B) efficient use of society's resources, even though it is no person's intention to make society better off.
C) inefficient use of society's resources, even though each person's intention is to make society better off.
D) inefficient use of society's resources, because it is no person's intention to make society better off.

B

Economics

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A cost that has already been made and cannot be recovered is called a

A) variable cost. B) fixed cost. C) sunk cost. D) marginal cost.

Economics

Total expenditures as discussed by Gordon are

A) C + I + G + M. B) C + S + T + X. C) C + I + S + X. D) C + I + G + X - M.

Economics