Adam Smith's Wealth of Nations,written in 1776,describes the market's invisible hand representing the
A) King of England's control over the colonies.
B) control all governments have in organizing the market.
C) efficiency the market achieves without the interference of governments.
D) inefficiency of markets when governments do not organize them.
E) invisible command system that efficiently allocates resources.

Question

Quizplus · Accepted Answer

Adam Smith's concept of the invisible hand refers to the idea that a market economy, without the interference of governments, can efficiently allocate resources through the actions of self-interested individuals and firms seeking to maximize their own profits. The invisible hand represents the efficiency of the market system, rather than any government control or regulation.

Adam Smith's Wealth of Nations,written in 1776,describes the Market's Invisible