Asked by Camilla
Please help me with this it's about the invisible hand here's the question.
Two family-style restaurants are located in the same city block. I oreder to stay competitive, the prices are kept low and the quality of the food and service is excellent. Is the 'invisible' hand principle at work in this scenario?
Two family-style restaurants are located in the same city block. I oreder to stay competitive, the prices are kept low and the quality of the food and service is excellent. Is the 'invisible' hand principle at work in this scenario?
Answers
Answered by
Camilla
Sorry the second sentence stars with In order
Answered by
Ms. Sue
Yes. That's a good example of the invisible hand principle.
Answered by
Pinkie
Can you explain why so I can understand it better thanks
Answered by
Camilla
Sorry I had the wrong name
Answered by
Ms. Sue
Each of the owners is acting for his own good by providing excellent food and service at competitive prices. This technique also serves the public good.
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