TG ICET 2025 8th June 2025 Shift 1

Question Numbers : (186 to 190)
A few days ago, I ran into an old friend who is currently one of the officials deciding India's economic and financial policies. He asked, 'And so, how is IIT doing?' I responded with 'Not so well actually. Your market friendly policies have forced us to raise the fee. So, we have 50% fewer Ph.D. applicants this year." Not batting an eyelid, he shot back, "obviously your Ph.D. students don't have any market value." Such people who look at everything as consumer products classify higher education as non-merit goods. Non-merit goods are those where only the individual benefits from acquiring them and not the society as a whole.