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Question
_______ is the situation when a consumer secures maximum satisfaction out of his expenditure.
_______ is the situation when a consumer secures maximum satisfaction out of his expenditure.
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Solution
The correct option is B Consumer equilibrium
With the given income and market prices of the goods, the point where a consumer maximizes his satisfaction is known as the consumer's equilibrium point. Any deviation from this point will cause the reduction in consumer's satisfaction.
With the given income and market prices of the goods, the point where a consumer maximizes his satisfaction is known as the consumer's equilibrium point. Any deviation from this point will cause the reduction in consumer's satisfaction.
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