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

Becker and Murphy are known for their work on the theory that consumers derive utility from goods they perceive as popular, integrating social factors into economic models of consumer behavior. This contrasts with traditional economic theories that often ignore the impact of social influences on consumer choices.

Economists Gary Becker and Kevin Murphy Are Associated with Which