Question

Meaning of Consumer's Equilibrium ( For 5 Marks ) Simple Language​

Answer 1

Answer

The state at which a consumer derives maximum utility from the consumption of one or more goods and services given his/her level of income is called consumer's equilibrium. At that level of balance between total utility and income, the marginal utility of a product is equal to its one unit price.

Answer 2

Answer:

Consumer equilibrium is a point at which a consumer's derived utility from a commodity is at its maximum, given a fixed level of income and price of that commodity.

Explanation:

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