A consumer is in equilibrium when
ECONOMICS
WAEC 2020
A consumer is in equilibrium when
- A. his market Supply is equal to his market demand
- B. he maximizes his satisfaction from spending his income
- C. the market is also in equilibrium
- D. he has consumed all he wants
Correct Answer: B. he maximizes his satisfaction from spending his income
Explanation
A consumer is in equilibrium when he derives maximum satisfaction from the goods, given his income and the market prices.
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