Question

The concept of monopolistic competition is given by

• A. Hicks
• B. Chamberlin
• C. Mrs. Robinson
• D. Samuelson

Hint:

When you see "Monopolistic Competition," the name to remember is Edward Chamberlin.

Answer 1

The Correct Option is B

The theory of monopolistic competition was developed by the American economist Edward Chamberlin in his book "The Theory of Monopolistic Competition," published in 1933. At around the same time, British economist Joan Robinson developed the theory of imperfect competition, which is very similar, but Chamberlin is credited with coining and popularizing the specific concept of monopolistic competition.