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SalaDinHo SalaDinHo
wrote...
Posts: 366
6 days ago

Question 1.

How does Adam Smith's idea of the "invisible hand" apply to the various parts, made by many different manufacturers in many different countries, that are used by Apple to produce an iPad?



Question 2.

The ________ effect refers to the change in quantity demanded for a good that results from the effect of a change in the good's price on consumer's purchasing power.



population



ceteris paribus



substitution



income

Textbook 

InMicro


Edition: 1st
Authors:
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Answer verified by a subject expert
swolfe15swolfe15
wrote...
Posts: 316
6 days ago
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Answer 1

Smith used the "invisible hand" reference to explain why markets provide consumers with desired products and services. In the case of the iPad, the invisible hand of the market has led these parts manufacturers to contribute their knowledge and resources to the process that ultimately results in a product available for sale in the United States and around the world.



Answer 2

income

1

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6 days ago
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