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Question
Which of the following is referred to as the invisible hand in the market?
Which of the following is referred to as the invisible hand in the market?
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Solution
The correct option is B Competition
The resources of production are owned by private players or individuals in the market economy, and the distribution is driven by profits. Competition between the industries plays an important role in the market system. Competition is often called ‘the invisible hand’ since it controls the market.
The resources of production are owned by private players or individuals in the market economy, and the distribution is driven by profits. Competition between the industries plays an important role in the market system. Competition is often called ‘the invisible hand’ since it controls the market.
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