The concept of elasticity of demand is associated with the name of _______.

Adam Smith

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Alfred Marshall

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Keynes

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Ricardo

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Solution

The correct option is B Alfred Marshall
The concept of elasticity of demand is associated with the name of Alfred Marshall. Elasticity of demand refers to the responsiveness of demand towards the change in price.

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Elasticity of demand is different at different points of a demand curve, unless demand curve is a rectangular hyperbola.

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