Economics · Microeconomics and Welfare Economics
Consider the following statements regarding consumer surplus: 1. Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. 2. The concept of consumer surplus was originally introduced by Jules Dupuit in 1844 and later formalized by Alfred Marshall. Which of the statements given above is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither 1 nor 2
- 22 only
- 31 only
- 4Both 1 and 2✓
Correct answer
Both 1 and 2
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