Economy, asked by rpal908090, 6 months ago

Q3) How will a consumer reach his equilibrium, if (i) Price ratio is greater
than MRS and (ii) Price ratio is less than MRS? Explain it.​

Answers

Answered by Priyangshu6401
2

Answer:

Option (ii) will be correct answer

Explanation:

Consumer's equilibrium is a situation when he spends his given income on the purchase of one or more commodities in such a way that he gets maximum satisfaction and has no urge to change this level of consumption, given the prices of commodities.

Hope it helps you.

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