GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mrs. Lillian Gilbreth
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Joan Robinson
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Marshall
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Jevons
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Detailed explanation-1: -Robinson’s first major book was The Economics of Imperfect Competition. In it she laid out a model of competition between firms, each of which had some monopoly power. Along with American economist Edward H.
Detailed explanation-2: -Full employment is possible only when the rate of growth of population is matched by the rate of growth in capital stock. When this happens, that is, the growth rate of population and the growth rate of capital are equal, the economy is in fully employment equilibrium. This is Joan Robinson’s ‘Golden Age’.
Detailed explanation-3: -Joan Robinson-”Perfect Competition prevails when the demand for the output of each producer is perfectly elastic.”
Detailed explanation-4: -The most widely known of Joan Robinson’s works is still the first, The Economics of Imperfect Competition (1933). It was the book of her youth, which placed her immediately in the forefront of the development of economic theory.