McqMate
| Q. |
'Supply creates its own demand'. This statement is related to - |
| A. | Prof. J.B. Say |
| B. | John Robinson |
| C. | Adam Smith |
| D. | J.S. Mill |
| Answer» A. Prof. J.B. Say | |
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Explanation: Jean Baptiste Say was a French economist. I le is well known for Say's Law (or Say's Law of Markets), often summarized as: "Aggregate supply creates its own aggregate demand"; "Supply creates its own demand", or "Supply constitutes its own demand". He argued that production and sale of goods in an economy automatically produces an income for the producers of the same value, which would then be reinjected into the economy and create enough demand to buy the goods. Thus production is determined by the supply of goods rather than demand. |
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