What is the primary concept introduced by Hicks regarding consumer behavior in economics? (Genius)
#1: The Law of Demand
#2: The Theory of Utility
#3: The Principle of Indifference
#4: The Paradox of Choice
What is the significance of the "Hicksian demand" in microeconomic theory? (Hard)
#1: It represents how demand changes with income variation
#2: It shows the change in demand due to price changes
#3: It measures consumers' preferences under indifference curves
#4: It reflects the total utility derived from consumption