Adam Smith's invisible hand refers to: the tendency of producers to conspire in secret to raise prices the tendency of the government to intervene in the market the tendency of self-interested behavior by producers and consumers to result in an efficient allocation none of the above Question 5 Efficiency is defined as: producing as much as possible with some waste producing enough with minimum waste producing as much as possible using all of the fixed resources producing as much as possible without any regard to resource use Question 6 The concept "opportunity cost" can be best described as: the monetary expenses incurred from an activity the value of the next best alternative The law of supply explains the self-interested behavior of the household the self-interested behavior of the firm O as the price of a good increases, firms wish to supply less of that good both bandc Question 8 The distinguishing feature of a slave economy is: racism the dominance of plantations human beings owned as private property the absence of markets Question 9 The law of demand explains the self-interested behavior of the household the self-interested behavior of the form