According to the invisible hand concept,the best way for the government to encourage the creation of jobs and the production of the products most wanted by consumers would be to:
A)take over the operation of all firms in major industries,such as telecommunications,transportation,and energy,and operate these firms as non-profit organizations.
B)allow private ownership of businesses,but make use of extensive regulation to force businesses to behave in a socially desirable way.
C)allow entrepreneurs a great deal of personal freedom to follow their own self-interest.
D)impose high taxes on individuals,and use the revenue to subsidize businesses to encourage them to produce the maximum rate of output.

Question

Quizplus · Accepted Answer

According to the invisible hand concept, allowing entrepreneurs a great deal of personal freedom to follow their own self-interest is the best way to encourage the creation of jobs and the production of products most wanted by consumers. This means that the government should minimize interference in the market and allow the forces of supply and demand to determine what goods and services are produced and at what price. This approach is also consistent with the principles of a free market economy.

According to the Invisible Hand Concept,the Best Way for the Government