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Question
Name the economists who developed:
Marginal utility theory - _____________, and
Indifference curve theory - ___________.
Name the economists who developed:
Marginal utility theory - _____________, and
Indifference curve theory - ___________.
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Solution
The correct option is A Marshall; Hicks
- Alfred Marshall was a British economist who developed most of the modern economic theory including utility analysis.
- John Hicks was a British economist who criticized the utility theory and developed a newer theory on consumer behaviour known as the indifference curve theory.
- Alfred Marshall was a British economist who developed most of the modern economic theory including utility analysis.
- John Hicks was a British economist who criticized the utility theory and developed a newer theory on consumer behaviour known as the indifference curve theory.
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