Paul Samuelson’s revealed preference theory argues that observing these peoples’ purchases was an accurate indicator of their utility functions. For 10 points each:
[10e] Name these people, the purchasers of a good or service for personal use, like similarly named customers.
ANSWER: consumers
[10h] Samuelson and Nordhaus’s textbook Economics followed this British economist’s Principles of Economics, which introduced the idea of consumer surplus. He taught John Meynard Keynes.
ANSWER: Alfred Marshall
[10m] Consumer choice theory explains the backward-bending supply curve as workers engage in this practice more as pay increases. Conspicuous consumption is criticized in Thorstein Veblen’s book on the “Theory” of a class defined by this behavior.
ANSWER: leisure [accept free time; accept not working or other descriptions; accept The Theory of the Leisure Class]
<Ganon Evans, Social Science - Economics> ~20873~ <Editor: Athena Kern>