{"id":53926,"date":"2024-04-16T00:01:29","date_gmt":"2024-04-16T00:01:29","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=53926"},"modified":"2024-04-16T00:01:29","modified_gmt":"2024-04-16T00:01:29","slug":"match-the-following-list-i-list-ii-a-kinked-demand-curve-1-prof-samuelson-b-duopoly-model-2-paul-m-sweezy-c-managerial-theory-of-firm-3-cournot-d-social-welfare-function-4-williamson","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-kinked-demand-curve-1-prof-samuelson-b-duopoly-model-2-paul-m-sweezy-c-managerial-theory-of-firm-3-cournot-d-social-welfare-function-4-williamson\/","title":{"rendered":"Match the following. List-I List-II a. Kinked demand curve 1. Prof. Samuelson b. Duopoly model 2. Paul M. Sweezy c. Managerial theory of firm 3. Cournot d. Social welfare function 4. Williamson"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9777bd74ab8\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    a-2, b-3, c-4, d-1                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    a-2, b-3, c-1, d-4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    a-3, b-2, c-4, d-1                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    a-1, b-2, c-3, d-4                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>A. a-2, b-3, c-4, d-1<\/strong><\/p>\n<ul>\n<li><strong>a. Kinked demand curve<\/strong> 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.<\/li>\n<li><strong>b. Duopoly model<\/strong> 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.<\/li>\n<li><strong>c. Managerial theory of firm<\/strong> is a theory of the firm that emphasizes the role of managers in making decisions about the firm&#8217;s production, pricing, and investment policies. The managerial theory of firm was developed by Oliver E. Williamson in the 1960s.<\/li>\n<li><strong>d. Social welfare function<\/strong> is <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n     <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>            <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> 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.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Match the following. List-I List-II a. Kinked demand curve 1. Prof. Samuelson b. Duopoly model 2. Paul M. Sweezy c. Managerial theory of firm 3. Cournot d. Social welfare function 4. 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