The concept of consumer surplus was propounded by __________.
Alfred Marshall
The correct answer is option 1. Alfred Marshall introduced the concept of consumer surplus. Consumer surplus refers to the difference between what consumers are willing to pay for a good or service and what they actually pay. It is a measure of the benefit to consumers from participating in the market. The other options did not introduce this concept.
Similar Questions
In relation to theory of consumers behaviour, which of the following statements is INCORRECT?
Goods whose demand varies inversely with income are called ____ goods.
_____ have an income elasticity of demand of between 0 and +1.
According to ____ theory, a consumer will continue to buy such products that will deliver him the most utility or maximum satisfaction at relative prices.
Which of the following is true for a normal good when there is a decrease in consumer income?
Important Questions from Consumer behaviour
Which one of the following is not the assumption for consumer behaviour based on the Ordinal Utility Theory?
In a situation of decision under uncertainty, if a consumer faces equal expected income from two alternatives, then s/he will take decision on the basis of
Arrange the following concepts of consumer behaviour in chronological order
A. Law of diminishing marginal utility
B. Law of demand
C. Revealed Preference Analysis
D. Indifference Curve Analysis
Choose the correct answer from the options given below
Absolute income hypothesis explain
Match the terms with the statement given below:
Select the correct option:(a) Human behavior results from a continuous and multidirectional interaction between the person and the situation (i) Interactionalism (b) People are central to the organization and they must be developed to their potential (ii) Productivity Approach (c) Manager's efficiency depends on the optimum utilization of resources (iii) Contingency Approach (d) The belief that there is no one best option available for an organization (iv) HR Approach
