The classification of markets on the basis of the time element is attributed to which economist?

1. Alfred Marshall conceived the 'Time' element in markets. 2. On this basis markets are split into very short, short, long, and very long (secular) periods. 3. Ricardo is associated instead with the definition of exchange value, not the time classification. 4. The correct attribution is Alfred Marshall. _Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 4 Unit I "Meaning and Types of Markets", p.3_