Which of the following economists has propounded innovation theory of profit?
Schumpeter's innovation theory links entrepreneurial profit to the introduction of innovations. New products, production methods or markets can generate a temporary…
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Which of the following economists has propounded innovation theory of profit?
Answer and explanation
Correct answer D
Schumpeter's innovation theory links entrepreneurial profit to the introduction of innovations. New products, production methods or markets can generate a temporary advantage until imitation and competition reduce the profit.
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Karnataka SET (KSET)