Multiple choice

Match the following.

 
List - I List - II
1. Cournot model (i) 1939
2. Stackelberg model (ii) 1838
3. Sweezy model (iii) 1952
4. G. Means (iv) 1932

  1. 1 - (i), 2 - (iii), 3 - (iv), 4 - (ii)

  2. 1 - (ii), 2 - (iii), 3 - (iv), 4 - (i)

  3. 1 - (ii), 2 - (iii), 3 - (i), 4 - (iv)

  4. 1 - (ii), 2 - (iv), 3 - (iii), 4 - (i)

  5. 1 - (iv), 2 - (iii), 3 - (ii), 4 - (i)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The oldest determinate solution to duopoly problems was given by A. A. Cournot in 1838. Stackelberg proposed a solution to the duopoly problem. It was based on the assumption that each seller recognises the interdependence of other’s actions in his views in the theory of market economy in 1952. In 1939, Prof. Sweezy introduced the kinked demand curve analysis to explain price rigidities often observed in oligopolistic markets. In 1932, G. Means suggested that managers have different targets from shareholders and they are not interested in profit maximisation.

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