Adam Smith, in his book, The Wealth of Nations, 1776, tried to explain that every individual participating in the market is "led by an invisible hand to promote an end [the efficient use of resources] which was no part of his intention …" Adam Smith was the first to suggest that competitive markets send resources to the uses in which they have the highest value. a) Explain what you understand by the term the "invisible hand "and competitive market. Why would the workings of a competitive market result in an efficient allocation of resources as first suggested by Adam Smith? When does a market achieve allocative efficiency? Use the Supply and Demand model in your explanation. b) Give at least two examples you see of the invisible hand at work on campus or in the market place or online.