Starting with the earliest, arrange the following authors chronologically in the context of development of theory of Oligopoly:
(i) E. Stackelberg
(ii) P. Sweezy
(iii) 1. Bertrand
(iv) A. Cournot
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(ii) (i) (iii) (iv)
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(iv) (iii) (ii) (i)
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(i) (ii) (iv) (iii)
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(iii) (iv) (i) (ii)
B
Correct answer
Explanation
The theory of oligopoly developed chronologically as: Cournot (1838) - first formal duopoly model; Bertrand (1883) - criticized Cournot, proposed price competition; Stackelberg (1934) - leadership-follower models; Sweezy (1939) - kinked demand curve. Thus the correct order is (iv)-(iii)-(i)-(ii) which corresponds to option B.