a-2, b-3, c-4, d-1
a-2, b-3, c-1, d-4
a-3, b-2, c-4, d-1
a-1, b-2, c-3, d-4
Answer is Right!
Answer is Wrong!
The correct answer is: A. a-2, b-3, c-4, d-1
- a. Kinked demand curve is a concept in microeconomics that describes the demand curve for a product when there is a threat of a price war between firms. The demand curve is kinked at the current price, and the firm will only change its price if there is a significant change in costs. This concept was first developed by Paul M. Sweezy in 1939.
- b. Duopoly model is a model of competition in which there are only two firms in the market. The firms in a duopoly model are able to influence the price of their products, and they may engage in strategic behavior to try to increase their profits. The duopoly model was first developed by Augustin Cournot in 1838.
- c. Managerial theory of firm is a theory of the firm that emphasizes the role of managers in making decisions about the firm’s production, pricing, and investment policies. The managerial theory of firm was developed by Oliver E. Williamson in the 1960s.
- d. Social welfare function is a function that represents the preferences of society as a whole. The social welfare function is used to make decisions about public policy, such as whether to tax or subsidize certain goods or services. The social welfare function was first developed by Prof. Paul Samuelson in the 1940s.