The invisible hand concept suggests that
A)market failures imply the need for a national economic plan.
B)big businesses are inherently more efficient than small businesses.
C)the competitiveness of a capitalistic market economy invariably diminishes over time.
D)assuming competition, private and public interests will coincide.

Question

Quizplus · Accepted Answer

The invisible hand concept, introduced by Adam Smith, suggests that in a competitive market, individuals pursuing their own interests inadvertently benefit society as a whole, leading to an alignment of private and public interests.

The Invisible Hand Concept Suggests That