Adam Smith's ________ refers to the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole
A) survival of the fittest theory B) invisible hand
C) Utopian society D) comparative advantage model
B
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How will a price ceiling affect producers?
a. Lower cost producers will be forced from the market. b. Higher cost producers will receive a higher price for each unit they sell. c. Lower cost producers will remain in the market, but will receive less for each unit. d. Higher cost producers will receive a transfer of surplus from consumers.
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, Joe's opportunity cost of selling a car is ________ than Ralph's, and Joe's opportunity cost of selling a car is ________ than Larry's.
A. greater; greater B. less; greater C. less; less D. greater; less