The invisible hand principle indicates that competitive markets can help promote the efficient use of resources true or false?.

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12-09-2022
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The invisible hand principle indicates that competitive markets can help promote the efficient use of resources true or false?.

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Tutorconsortium363 Tutorconsortium363 · Answer 1 · 2022-09-14T19:58:12+02:00

The Invisible Hand Principle suggests that competitive markets can help facilitate the efficient use of resources even when each market player cares only about their self-interest rather than about the overall efficiency of resource usage. True

What is the principle of the invisible hand?

The invisible hand is characteristic of laissez-faire, representing the "let do/let go," approach to the market. In other words, the approach maintains that the market will find stability without government or other interventions pushing it into unnatural patterns. The invisible hand upgrades individual self-interest and competition.

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