McqMate
| Q. |
The General Equilibrium Analysis" was developed by - |
| A. | Marshall |
| B. | Ricardo |
| C. | Walras |
| D. | Adam Smith |
| Answer» C. Walras | |
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Explanation: French economist Leon Walras put forward the General Equilibrium Theory in his pioneering 1874 work 'Elements of Pure Economics'. The theory attempts to explain the functioning of economic markets as a whole, rather than as individual phenomena. It tried to show how and why all free markets tended toward equilibrium in the long run.the place of manufacturer. Formerly called the Central Excise duty, this tax is now known as the Central Value Added Tax (CENVAT). |
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