Question

what is meant by consumer's equilibrium state its condition in case of one commodity
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Answer 1

Answer:

Consumer's Equilibrium refers to the situation when a consumer is having maximum satisfaction with limited income and has no tendency to change his way of existing expenditure. The consumer has to pay a price for each unit of the commodity. So, he cannot buy or consume unlimited quantity.

In case of single commodity the consumer is in equilibrium when marginal utility of a good in terms of money becomes equal to the price of that good.

Explanation: