The answer is B!
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tysm
The term 'invisible hand' was first used by Adam Smith in the 18th century to describe the efficiency in the autoregulation of free markets, where free means not externaly intervened by governments. Intervention distorts markets and harms the efficiency of their functioning.
The main principle behind is that, when individuals pursue their "private" efforts they are generating larger wealth for society as a whole than if their first intention was to help society. The markets will be in charge of channelizing individuals interests into socialy desirable outcomes.
<u>Tidewater</u>: 1. Region where the water level rises when the tide comes in 2. Earlier immigrants settled down in this region. 3. Settlers raised a variety of fruits, vegetables, grains, livestock, and the major cash crop, tobacco. 4. Soil composed of sedimentary rock, primarily used for agriculture. 5. Aristocrats and wealthy families dominated politics and economy.
<u>Piedmont</u>: 1. Region between the Atlantic Coastal Plain and the main Appalachian Mountains, stretching from New Jersey to central Alabama. 2. Later immigrants settled down in this region. 3. Corn and cotton as main crops. 4. Soil is generally clay-like, moderately fertile, that in some areas suffered from erosion and over-cropping, particularly in the South. 5. The majority of back-country immigrants settled on farms, others settled in established towns.
Answer:
D. All of the above.
Explanation:
Their are many reasons why economists study the perfect competition model but we will focus on the options given and it is certified that all of them are the reason for this. Because it is used as a benchmark to compare with other market structures etc.
Firms can enter and leave the market without any restrictions , therefore, there is free entry and exit into and out of the market.
A perfectly competitive firm is known to be a price taker because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors.
