Refer to the graph shown. The short-run equilibrium price for the monopolistically competitive firm represented is:

To the degree that the American Medical Association constraints the number of new spots that are available in the nation's medical schools, it is

A. shifting the demand for physicians to the right. B. kinking the supply of physicians to make it vertical at the level of the constraint. C. shifting the supply of physicians to the right. D. shifting the demand for physicians to the left.

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.