The concept of 'Consumer Surplus', defined as the monetary difference between what a consumer is willing to pay and what they actually pay, was popularized by which economist?

💡 Solution & Explanation

Alfred Marshall introduced the concept of Consumer Surplus in his foundational 1890 publication Principles of Economics, grounding it in the law of diminishing marginal utility. Alternative figures like Adam Smith developed classical trade theories, while John Maynard Keynes revolutionized macroeconomics during the Great Depression. Economics syllabi for civil services consistently highlight Marshall's contributions to welfare economics and price theory.