MARGINALIST

Question 1

It was a reaction to the traditional economic theories known as classical economics.

Answer 1

MARGINALISM

Question 2

It was a new trend in economy during 1870?

Answer 2

marginalism

Question 3

Who were the main founders of the marginalist school of thought?

Answer 3

Carl Menger, William Stanley Jevons, and Leon Walras

Question 4

The marginalist focused more on partial _________rather than the broad _________.

Answer 4

( micro - analysis ), (macro)

Question 5

What are the Major tenets of the Marginalist School of Thought?

Answer 5

> MARGINAL UTILITY
DIMINISHING MARGINAL UTILITY
RATIONAL DECISION-MAKING
MARKET EQUILIBRIUM

Question 6

the benefit gained from consuming one additional unit of a good or service

Answer 6

MARGINAL UTILITY

Question 7

It means that the more of an item that you use or consume, the less satisfaction you get from each additional unit consumed or used

Answer 7

DIMINISHING MARGINAL UTILITY

Question 8

A decision making where they make choices based on comparing the marginal benefits.

Answer 8

RATIONAL DECISION-MAKING

Question 9

It is the state in which market supply and demand balance each other, and as a result prices become stable

Answer 9

MARKET EQUILIBRIUM

Question 10

Refers to the additional satisfaction or happiness gained from consuming one more unit of a goods or services.

Answer 10

Marginal Utility

Question 11

The good or service tends to diminish as more units are consumed.

Answer 11

Diminishing Marginal Utility

Question 12

Determined by the intersection of supply and demand curves.

Answer 12

Market Equilibrium

Question 13

An Austrian economist, who is considered as one of the founders of the marginalist school.

Answer 13

Carl Menger

Question 14

In 1871, Carl Menger wrote the book _____________________, which emphasize the subjective nature of value and the role of marginal utility in determining prices.

Answer 14

“ Principle of Economics “

Question 15

A British economist, who made a significant contributions to the marginalist school with his work on “ utility theory “ and the theory of exchange.

Answer 15

William Stanley Jevons

Question 16

A French economist, who developed the concept of general equilibrium theory which expanded on the marginalist approach.

Answer 16

Leon Walras

Question 17

His work emphasized the interdependence of markets and the role of prices in coordinating economic activities.

Answer 17

Leon Walras

Question 18

A British economist, who combined ideas form the marginalist school with classical economics to develop the neoclassical economics framework.

Answer 18

Alfred Marshall

Question 19

It is a book that introduced the concept of consumer surplus and emphasized the role of supply and demand in determining the price.

Answer 19

Principle of Economics (1990)

Question 20

It introduced the concept of marginal utility, which remains a fundamental concept in economics.

Answer 20

Consumer Theory

Question 21

It emphasis on supply and demand of market equilibrium provided a foundation for understanding price formation and market dynamics.

Answer 21

Pricing and Market Equilibrium