Match List - I with List - II.

List - I (Economist)	List - II (Concept/Model)
(A) W.W. Leontief	(I) Shadow Price
(B) Jan Tinbergen	(II) Consumption Function
(C) J.M. Keynes	(III) Price competition with homogenous products
(D) Joseph Bertrand	(IV) Input-output model

Choose the correct answer from the options given below :

Correct option is B

Correct Answer: 2. (A)-(IV), (B)-(I), (C)-(II), (D)-(III)

Explanation: Correct Match Table

Information Booster:

• W.W. Leontief (A) $$\rightarrow$$​ (IV): Wassily Leontief received the Nobel Prize in 1973 for the development of the Input-Output method, a quantitative economic model that represents the interdependencies between different branches of a national economy.
• Jan Tinbergen (B) $$\rightarrow$$ (I): The first Nobel Prize winner in Economics (1969), Tinbergen is pioneered the use of Shadow Prices (or accounting prices) in development planning to correct for market distortions in developing economies.

• J.M. Keynes (C) $$\rightarrow$$ (II): John Maynard Keynes introduced the Consumption Function in his "General Theory" (1936), formulating the "Fundamental Psychological Law" that as income increases, consumption increases but not by as much as the increase in income (0 < MPC < 1). 
• Joseph Bertrand (D) $$\rightarrow$$ (III): The Bertrand Model (1883) describes an oligopoly where firms compete on price (setting P = MC in the case of homogenous products), contrasting with the Cournot model where firms compete on quantity.​