The invisible hand principle indicates that when individuals are directed by prices determined in competitive markets, their actions will tend to promote the efficient use of resources
What will be an ideal response?
even when each market participant cares only about their own self interest rather than the overall efficiency of resource use.
Economics
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Most economic growth in the world occurred between 1,000,000 B.C. and 1300 A.D
Indicate whether the statement is true or false
Economics
XYZ Co operates in a competitive market. Its marginal product of labor is 1/L, and it takes the wage and price as given. Derive the firm's short-run demand for labor as a function of w and p. How much labor will the firm hire if w = 2 and p = 10?
What will be an ideal response?
Economics