Economics · Microeconomics

What does the concept of the 'invisible hand', famously proposed by Adam Smith, primarily signify?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Strict international trade regulations implemented by global bodies
2Market equilibrium and social welfare achieved automatically via individual self-interest✓
3Direct centralized government control in resource allocation
4Strict control of market monopolies by regulatory authorities

Correct answer

Market equilibrium and social welfare achieved automatically via individual self-interest

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