[amp_mcq option1=”Samuelson” option2=”Canon” option3=”Marshall” option4=”None of these” correct=”option3″]<\/p>\n
The correct answer is: C. Marshall.<\/p>\n
Alfred Marshall was an English economist who is considered one of the most influential economists of the 19th century. He is best known for his work on microeconomics, including his theory of consumer demand. Marshall’s concept of elasticity of demand is a measure of how responsive consumers are to changes in the price of a good or service. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.<\/p>\n
Marshall’s concept of elasticity of demand is important because it helps businesses to understand how consumers will respond to changes in prices. This information can be used to set prices, develop marketing strategies, and make other decisions that affect a business’s bottom line.<\/p>\n
Option A: Samuelson is an American economist who is considered one of the most influential economists of the 20th century. He is best known for his work on macroeconomics, including his theory of economic growth. Samuelson did not develop the concept of elasticity of demand.<\/p>\n
Option B: Canon is a French economist who is considered one of the founders of classical economics. He is best known for his work on the theory of value. Canon did not develop the concept of elasticity of demand.<\/p>\n
Option D: None of these is the correct answer.<\/p>\n","protected":false},"excerpt":{"rendered":"
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