Which Economist Is Credited with Having Been the First to Discuss

question 19

Multiple Choice

Which economist is credited with having been the first to discuss the "lemons problem"?

• A)George Akerlof
• B)Milton Friedman
• C)Robert Shiller
• D)James Tobin

---

Definitions:

Intense Rivalry

A situation in a market where competitors aggressively compete with each other for market share, often leading to aggressive strategies and tactics.

Substitute Products

Goods or services that serve as replacements for each other; the presence of substitutes can influence market dynamics and competition.

BCG Matrix

A strategic business tool developed by the Boston Consulting Group to help organizations analyze and decide on the management of their product portfolio based on market growth and market share.

High Market Share

A significant portion of total sales within a particular market or industry, controlled by one company.