Economists Gary Becker and Kevin Murphy are associated with which of the following?
A) the discovery of the first example of a Giffen good
B) They have argued that social factors are not important in explaining the choices consumers make.
C) Consumers appear to receive utility from consuming goods they believe are popular.
D) They discovered that price changes have both income and substitution effects.

Question

Quizplus · Accepted Answer

Gary Becker and Kevin Murphy are known for their work on the concept of "social interactions" in economics, where they argue that consumers derive utility from consuming goods that they perceive as popular or socially desirable.

Economists Gary Becker and Kevin Murphy Are Associated with Which