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?
5 answers
Sorry the second sentence stars with In order
Yes. That's a good example of the invisible hand principle.
Can you explain why so I can understand it better thanks
Sorry I had the wrong name
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.
3 answers