Economists Gary Becker and Kevin Murphy are associated with which of the following?
A)They discovered 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 social economics, including the idea that consumers derive utility from goods they perceive as popular, which relates to social factors influencing consumer choices.

Economists Gary Becker and Kevin Murphy Are Associated with Which