Economic theory of market forms between pure monopoly and perfect competition was largely nonexistent until the work of
A. Joan Robinson and Edward Chamberlin.
B. Adam Smith and David Ricardo.
C. Alfred Marshall and Francis Edgeworth.
D. Wassily Leontief and Joseph Schumpeter.
Answer: A
You might also like to view...
The decisions of firms and households are guided by prices and self-interest in a
a. command economy. b. centrally-planned economy. c. market economy. d. All of the above are correct.
The substitution effect of a price change is depicted by a
a. movement along the budget constraint holding satisfaction constant. b. shift in the budget constraint at the old prices. c. movement along the consumer's new indifference curve at the new prices. d. movement along the original indifference curve to the point where the marginal rate of substitution equals the price ratio for the new set of prices.