a-2, b-1, c-4, d-3
a-3, b-4, c-2, d-1
a-1, b-2, c-3, d-4
a-4, b-2, c-3, d-1
Answer is Wrong!
Answer is Right!
The correct answer is C. a-1, b-2, c-3, d-4.
- The law of equi-marginal utility states that a consumer will maximize utility by allocating their income in such a way that the marginal utility of each good consumed is equal. This law was first proposed by Hermann Heinrich Gossen in 1854.
- Ordinal utility is a concept in economics that states that the utility of a good or service can be ranked, but not measured. This concept was first proposed by Frank Ramsey in 1926.
- Monopolistic competition is a market structure in which there are many firms selling similar but not identical products. This market structure was first described by Edward Chamberlin in 1933.
- The marginal productivity theory of distribution is a theory that states that the factor payments to labor, capital, and land are determined by the marginal productivity of each factor. This theory was first proposed by John Bates Clark in 1899.
Here is a brief explanation of each option:
- Option A is incorrect because it matches the law of equi-marginal utility with Hicks, who was not the first to propose this law.
- Option B is incorrect because it matches monopolistic competition with Mrs. Robinson, who was not the first to describe this market structure.
- Option D is incorrect because it matches the marginal productivity theory of distribution with Gossen, who was not the first to propose this theory.