Question

A) Will Markets (i.e., the Invisible Hand) answer the question correctly of how many McDonalds double...

A) Will Markets (i.e., the Invisible Hand) answer the question correctly of how many McDonalds double cheese burgers should be produced in the U.S. per month? Explain. B) Same question with respect to how those double cheese burgers are produced? C) And the same question of who gets those double cheese burgers?

Homework Answers

Answer #1

The invisible hand states than in a free market, where forces of demand and supply freely operate, the market will be at equilibrium. The consumers will decide what they want and how much. The producers, based on their technology, know-how and cost of production, will decide how much to produce and the prices,

a) Yes, the market will be in equilibrium according to invisible hand.

b)The invisible hand will help the producers decide how much to produce and c) the consumers will decide what they want to consume and how many.

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