Which of the following statements is true? Market coordination and managerial coordination both exist, and in the long run, there is no difference between the two. The market guides and coordinates individuals’ actions in an impersonal way through the forces of supply and demand. Managerial coordination is more personal; someone tells someone else what to do. The visible hand of the market guides individuals in a market setting, whereas the invisible hand of the manager guides individuals in a firm. The manager guides individuals away from the production of one good and toward the production of another so that suppliers and demanders achieve mutual satisfaction in equilibrium.
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Which of the following statements is true? Market coordination and managerial coordination both exis...
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