Question : The concept of price elasticity of demand was introduced by:
Option 1: Alfred Marshall
Option 2: John Maynard Keynes
Option 3: Adam Smith
Option 4: William Stanley Jevons
Answer (1)
21st Jan, 2024
Correct Answer: William Stanley Jevons
Solution : The correct answer is (d) William Stanley Jevons
William Stanley Jevons, an English economist, was one of the pioneers in the development of marginal utility theory and the concept of elasticity in economics. He introduced the concept of price elasticity of demand in his book "The Theory of Political Economy" published in 1871.
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