The profit-maximizing level of labor, in a union-dominated labor market, occurs where

For a product with a constant or gently increasing opportunity cost of producing additional units, as more is produced, we expect that

A) demand is price elastic. B) supply is price elastic. C) demand is price inelastic. D) supply is price inelastic. E) demand is unit elastic.

Adam Smith's invisible hand refers to

A) the laws of nature that influence economics decisions. B) the government's unobtrusive role in ensuring that the economy functions efficiently. C) property ownership laws and the rule of the court system. D) the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole.