Which Economists Accounted for "Rational Addiction" in Utility Functions

question 19

Multiple Choice

Which economists accounted for "rational addiction" in utility functions?

• A) Gary Becker and Kevin Murphy
• B) William Jevons and Albertus Magnus
• C) Richard Cantillon and Jeremy Bentham
• D) Edwin Chadwick and David Ricardo

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Definitions:

Economic Growth

The increase in a country's production of goods and services over time, indicative of a growing economy.

Technology

Implementing scientific insights for real-world applications, chiefly in the field of industry.

Unemployment

The situation where individuals who are able and willing to work cannot find employment.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between options.