The concept of indifference curve was introduced by ________.

Hicks & Allen

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Hicks & Marshall

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Allen & Marshall

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Marshall & Smith

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Solution

The correct option is A Hicks & Allen
JR Hicks was one of the most popular British economists. He was one of the most influential economists of the 20th century. Most of his experiments were done to try and understand the behavior of the consumer by exposing and contracting various variables which affect consumer purchasing decisions. Allen is the American economist who again worked on similar studies as Hicks.

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Similar questions

Explain the concept of 'Marginal Rate of Substitution' with the help of a numerical example. Describe its behaviour along an indifference curve.

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