WBCS.LIVE practice question

Who is considered the 'Father of Microeconomics'?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. Adam Smith
  2. Alfred Marshall
  3. J.M. Keynes
  4. Ragnar Frisch

Correct answer and explanation

Correct answer: Alfred Marshall

Explanation: āœ… Correct Answer: B) Alfred Marshall šŸ“š Explanation: Alfred Marshall is widely regarded as the Father of Microeconomics due to his work 'Principles of Economics' (1890). He introduced several key concepts such as price elasticity of demand, consumer surplus, and the marginal utility theory. While Adam Smith founded economics as a whole, Marshall specialized the study of individual markets and firms.