Question : The innovation theory of profit was proposed by
Option 1: Marshall
Option 2: Clark
Option 3: Schumpeter
Option 4: Joan Robinson
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Correct Answer: Schumpeter
Solution : The correct option is Schumpeter.
Joseph Schumpeter, an economist, proposed the innovation theory of profit . In his 1911 book "The Theory of Economic Development", Schumpeter outlined this idea. Entrepreneurs can make money by introducing innovations, which Schumpeter broadly defined as any novel combination of resources that results in an innovative good, service, or business.
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