Question

9. Marshall believed that __________ was the “centre of the chief difficulty of almost every economic...

9. Marshall believed that __________ was the “centre of the chief difficulty of almost every economic problem.”

a. mathematics

b. equilibrium

c. scarcity

d. time

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Answer #1

d. Time

According to marshall time was the core of the chief difficulty of almost every economic problem. Time is absolutely continous. Marshall was not differentiating between short run and long run as he knew time is continous. But he created an artificial divison between short run and long run. He analyzed that what is a short period for one aspect might be a long period for another aspect because of which he believed that core of chief difficulty of almost every economic problem was time.

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