The invisible hand principle indicates that competitive markets-09156
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
This multiple choice question (MCQ) is related to the book/course
vu eco402 Microeconomics.
It can also be found in
vu eco402 Final Term - Quiz No.7.
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
only if buyers and sellers really care, personally, about economic efficiency.
even when each market participant cares only about getting a "bigger slice of the pie" rather than about the overall efficiency of resource use.
even if business firms fail to produce goods efficiently.
if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely.
