The concept of 'Consumer Surplus' was introduced by:
A. Alfred Marshall
B. J.S. Mill
C. Adam Smith
D. David Ricardo
Answer: Option A
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:
Transfer payments are unilateral payments for which no goods or services are received in return, such as pensions, scholarships and unemployment allowances. Interest on borrowings is also a transfer, but pension is a classic example.
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