Question : Who originated the fundamental cardinal concept of utility?
Option 1: Robbins
Option 2: Pal a Samuelson
Option 3: Hicks and allen
Option 4: Alfred Marshall
Correct Answer: Alfred Marshall
Solution : The cardinal theory of utility was proposed by Alfred Marshall. According to him, utility or satisfaction can be quantified numerically or cardinally. The price that a consumer is willing to pay for a good is an indication of the utility of that good to the consumer. The price that a consumer is willing to pay for a good is an indication of the utility of that good to the consumer. Hence option 4 is the correct answer.
Question : Who has given ordinal utility theory?
Option 1: Alfred Marshall
Option 2: AC Pigou
Option 3: Hicks and Allen
Option 4: David Ricardo
Question : Who has been coined the term “utility”?
Option 1: Pigou
Option 2: Marshall
Option 4: Robbins
Question : The economic definition of welfare is offered by ?
Option 1: Samuelson
Option 2: Alfred Marshall
Option 3: A,C Pigou
Option 4: Lionel Robbins
Question : Who has propounded the law of diminishing marginal utility?
Option 1: Marshall
Option 3: Gossen
Option 4: Hicks and Allen
Question : Who propounded the Innovation theory of profits ?
Option 1: J .A. Schumpeter
Option 2: P .A. Samuelson
Option 3: Alfred Marshall
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