The concept of 'Consumer Surplus' was introduced by:
A. David Ricardo
B. J.S. Mill
C. Alfred Marshall
D. Adam Smith
Answer: Option C
Solution (By JKSSB Mock Tests)
Alfred Marshall developed the concept of consumer surplus, which is the difference between what a consumer is willing to pay and what he actually pays.
Explanation:
Agricultural credit in India is primarily provided by commercial banks, regional rural banks and cooperative banks, along with NABARD refinancing.
Explanation:
A Voluntary Export Restraint (VER) is a non-tariff barrier under which an exporting country agrees to limit the quantity of exports to a particular country.
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