Multiple choice

Doctrine of “Conspicous Consumption” was formulated by

  1. Alfred Marshal

  2. Veblen

  3. Sir Robert GIffen

  4. Hicks & Allen
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Some consumers measure the utility of a commodity by its price. If commodity is expensive, it is said to get more utility. Such articles do not conform to the usual law of demand. This was formulated by Veblen in his Doctrine of “Conspicuous Consumption”.

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