Explain Adam Smith's Concept of the "Invisible Hand" of the Market.Do

question 25

Essay

Explain Adam Smith's concept of the "invisible hand" of the market.Do you think this notion has merit? Why or why not?

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Definitions:

Stimulus Generalization

The tendency for the conditioned stimulus to evoke similar responses after the response has been conditioned.

Negative Reinforcement

A process in behavior modification where the removal of an unfavorable outcome or stimulus strengthens a certain behavior.

Punishment

A consequence that reduces the likelihood of the behavior it follows.

Variable-ratio Schedule

A reinforcement strategy in which a response is rewarded after an unpredictable number of responses, often used in gambling.