define consumer equilibrium in own language or in short
Answers
Answered by
1
Answer:
It is the state of balance obtained by end users of products, which refers to the number of goods and services they can buy with their existing level of income and the prevailing level of cost prices. Consumer's equilibrium permits a consumer to get the most satisfaction possible from his income.
Answered by
1
Answer:
Consumer's equilibrium is a situation when a consumer spends his given income on the purchase of one or more commodities in such a way that he gets the maximum satisfaction and has no urge to change the level of consumption, given the prices of commodities.
Similar questions