Economics · Theory of Production
Which economist defined production by stating, 'Production may be defined as the creation of utilities having economic value' (commonly cited as creation of economic utilities)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Alfred Marshall
- 2Richard T. Ely✓
- 3John Hicks
- 4Adam Smith
Correct answer
Richard T. Ely
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