Economics/Social Studies

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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?

  • Economics/Social Studies -

    Sorry the second sentence stars with In order

  • Economics/Social Studies -

    Yes. That's a good example of the invisible hand principle.

  • Economics/Social Studies -

    Can you explain why so I can understand it better thanks

  • Economics/Social Studies -

    Sorry I had the wrong name

  • Economics/Social Studies -

    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.

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