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Consumers equilibrium

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Consumers equilibrium

Posted by Kanishka Dadhich 3 years, 6 months ago

CBSE > Class 11 > Economics

1 answers

Meghna Thapar 3 years, 5 months ago

Consumer equilibrium refers to a situation, in which a consumer derives maximum satisfaction, with no intention to change it and subject to given prices and his given income. A rational consumer will purchase a commodity up to the point where price of the commodity is equal to the marginal utility obtained from the thing. If this condition is not fulfilled the consumer will either purchase more or less.

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CBSE > Class 11 > Economics