4
Question
The concept of consumer surplus was propounded by ________.
The concept of consumer surplus was propounded by ________.
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Solution
The correct option is B Alfred Marshall
Alfred Marshall was famously known for his principle of economics theory and not only propounded the theory of consumer surplus but also the concept of elasticity of demand. He also wrote a book on industry and trade during the 1920's when the initial trade begun to grow immensely and wanted to understand the underlying value of trade.
Alfred Marshall was famously known for his principle of economics theory and not only propounded the theory of consumer surplus but also the concept of elasticity of demand. He also wrote a book on industry and trade during the 1920's when the initial trade begun to grow immensely and wanted to understand the underlying value of trade.
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