What Is Consumer Equilibrium?

A consumer is in equilibrium when the marginal utilities are ___________ .

Consumer Equilibrium is a situation where a consumer spends their salary on purchasing one or more commodities and gets maximum satisfaction.

A _________ adopts a price discriminatory policy when the elasticity of demand from different consumers is different.

__________ refers to the additional utility on account of the consumption of a unit of a commodity.

____________ refers to attainable combinations of sets of two commodities at given prices of commodity and income of the consumer.

__________ is a quantitative combination of two goods that can be purchased by a consumer from his given market prices.

What is the full form of MRS?

Consumer's preferences are _________ when consumer always choose a bundle having more of one good and less of other.

Ordinal approach is also called as ________ approach.

The law of demand implies that the demand curve slopes down.

A decrease in demand and an __________ in supply will cause a fall in Equilibrium price.

_________ is the sum total of demand of a commodity by all the buyers in the market.

This is the maximum allowable price for a certain good or service fixed by the Government.

The value of the slope of a normal demand curve is _______.

In the case of Plastic elasticity, when the price increases, the total expenditure also increases.