Question : The time element in price analysis was introduced by:
Option 1: J. M. Keynes
Option 2: Alfred Marshall
Option 3: J. S. Mill
Option 4: J. R. Hicks
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Correct Answer: Alfred Marshall
Solution : The correct answer is Alfred Marshall .
Alfred Marshall was the pioneer in incorporating the element of time into price analysis. He acknowledged that the value or price of a product or service could be shaped not only by current demand but also by anticipations regarding future demand and supply circumstances.
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