Discussion
By the "invisible hand of the market," Adam Smith was referring to:
Answer: C
Adam Smith used the phrase 'invisible hand' to describe how individuals who seek their own gain are led, by competition in markets, to produce outcomes that serve society as a whole. So the invisible hand refers to competition and the price system. Scarcity, greed and monopoly are not what he meant, and monopoly would work against the benefit of the market. The answer is competition, option C. The idea appears in his Wealth of Nations of 1776 and became the base of the case for free markets.
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