3. Suggest the results of each of the following situations in a laissez-faire economy, and explain how the "invisible hand" might function in each to benefit the economy. Make specific references to economic variables such as wages, prices, production levels, and levels of unemployment. a) Too many businesses are producing Product X. b) The quality of goods produced by Company A begins to deterio- rate below the level of the quality of goods produced by Company B and Company C. c) A series of hospital closures causes a surplus of nurses. d) A need develops for a new service that is not yet provided.