The invisible hand principle indicates that when individuals are directed by prices determined in competitive markets, their actions will tend to promote the efficient use of resources if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely. O only if buyers and sellers personally care about economic efficiency. even when each market participant cares only about their own self interest rather than the overall efficiency of resource use. O even if business firms fail to produce goods efficiently. Question 12 1 pts Which of the following is a major implication of the invisible hand concept? Government-operated firms tend to have lower costs than private sector firms. O Competition is harmful to the health of an economy because it results in wasteful duplication. O Prosperity cannot be achieved unless the selfish nature of people can be changed. When directed by competitive market prices, the actions of self-interested individuals will tend to promote overall economic prosperity